The S&P/ASX 200 Index (ASX: XJO) is having a tough start to the week. In afternoon trade, the benchmark index is down 0.95% to 7,270.7 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Beach Energy Ltd (ASX: BPT)
The Beach Energy share price is down over 5% to $1.58. This follows the release of the energy company's full-year results. Beach reported an 8% decline in sales revenue to $1.62 billion and a 24% reduction in underlying net profit after tax to $385 million.
Bendigo and Adelaide Bank Ltd (ASX: BEN)
The Bendigo and Adelaide Bank share price is down 3% to $8.92. Investors have been selling this regional bank's shares after its FY 2023 earnings fell short of expectations. Bendigo and Adelaide Bank reported a 15.3% lift in cash earnings to $576.9 million. The consensus estimate was for cash earnings of $591.2 million.
Elders Ltd (ASX: ELD)
The Elders share price is down 5.5% to $7.12. This morning, analysts at Citi initiated coverage on this agribusiness company's shares with a sell rating and $6.85 price target. The broker believes that Elders could struggle in the near term due to challenging seasonal conditions. The Elders share price is now down over 40% since this time last year.
Lendlease Group (ASX: LLC)
The Lendlease share price is down 3% to $8.21. This has been driven by the release of a disappointing full-year result from the global property company. Lendlease reported a 7% decline in core operating profit and a statutory loss after tax of $232 million. One positive, though, was that the company elected to maintain its dividend at 16 cents per share.
