It has been a disappointing start to the week for the S&P/ASX 200 Index (ASX: XJO). In afternoon trade, the benchmark index is down 0.6% to 7,235.8 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Azure Minerals Ltd (ASX: AZS)
The Azure Minerals share price is down 12% to $2.50. Investors have been hitting the sell button following the release of disappointing drilling results from Target Area Two of the Andover Lithium Project in Western Australia. The results were vastly different from Target Area One, which have been extremely strong.
Costa Group Holdings Ltd (ASX: CGC)
The Costa share price is down 3.5% to $2.84. This has been driven by news that Paine Schwartz Partners (PSP) has reduced its takeover offer for the horticulture company. The private equity firm has revised its non-binding offer to $3.20 per share from $3.50 per share previously. PSP advised that this is its best and final offer.
Genesis Minerals Ltd (ASX: GMD)
The Genesis Minerals share price is down almost 7% to $1.53. This may be due to speculation that the gold miner is building a stake in Red 5 Limited (ASX: RED). Investors may not be keen on the move or have concerns that a capital raising may be coming to launch a full takeover. However, as things stand, Genesis Minerals has not confirmed whether it is the buyer of the ~11% stake in Red 5.
Weebit Nano Ltd (ASX: WBT)
The Weebit Nano share price is down 8% to $3.89. This morning, this semiconductor company's shares officially joined the ASX 200 index. This makes it easier for institutional investors to short Weebit Nano. And given its lofty valuation and lack of revenue, this is looking like another Brainchip Holdings Ltd (ASX: BRN). Short sellers certainly did well from that one!
