The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is sinking after China’s Shanghai Composite crashed 7.5% on Thursday and the Chinese government further deflated its currency (known as the Yuan or Renminbi).

However, despite the market’s 1.4% fall earlier today (it’s now down 0.61%), the following four ASX shares are sinking even further:

  1. Slater & Gordon Limited (ASX: SGH) – down 4.55%

Embattled law firm Slater & Gordon Ltd traded as much as 9% lower today. In the midst of the broader market malaise, the law firm acknowledged recent media speculation that an investigative accountancy firm has been appointed by the company’s bankers to review the books, as the company undergoes its own internal review into its finances. In less than 12 months, Slater & Gordon shares have fallen from over $8 to a recent low of 59.5 cents.

  1. Bega Cheese Ltd (ASX: BGA) – down 5.04%

Bega Cheese, a leading Australian dairy company, has been on a blockbuster run over the past three months, so it was almost inevitable that the shares would come off the boil. Down 5% today, the Bega Cheese share price has rallied more than 50% since the company signed an infant formula manufacturing agreement with Blackmores Limited (ASX: BKL) to target Asian customers in October.

  1. Billabong International Limited (ASX: BBG) – down 5.16%

Surf’s certainly not up for Billabong International shareholders. Down another 5% today, the Billabong share price is down a whopping 40% in three months. Billabong is in the middle of a turnaround strategy following many years of lacklustre shareholder performance.

  1. Ausenco Limited (ASX: AAX) – down 9%

Engineering and mining services business, Ausenco, saw its share price shoot higher yesterday after announcing the finalisation of a number of contracts that could generate as much as $45 million in revenue for the company. However, it appears the market has reacted to yesterday’s gains by taking some profit off the table. According to Google Finance, Ausenco’s market capitalisation is just $38 million. Shares have fallen from a high of around $4 in 2013 to just 25.5 cents today.

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Motley Fool writer/analyst Owen Raszkiewicz owns shares of Slater & Gordon. 

Owen welcomes your feedback on Google plus (see below), LinkedIn or you can follow him on Twitter @ASXinvest.

Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.