Yesterday was a flat day for the S&P/ASX 200 (INDEXASX: ^AXJO) (ASX: XJO), which closed down 0.04% to 4,929 points.

A number of shares fell substantially further however, and here’s why:

Blackmores Limited (ASX: BKL) crashed 12% to $177 on no news and minimal volume. With a majority of Blackmores shares tied up by significant shareholders, the stock continues to be prone to big price swings as a result of a limited pool of traders – and investors should expect further volatility in the future. Most recently, the market was worried by news that China’s new tax on imports could derail sales, although management remains optimistic.

Blackmores shares are up 207% in the past 12 months.

Slater & Gordon Limited (ASX: SGH) lost 10% to $0.22 on no news, hitting new 52-week lows. Shares have been battered by a number of woes, including high-profile staff resignations, asset write-downs on the company’s recent business purchases, fears of potential regulatory change in the UK, as well as critical concerns regarding the company’s cash flows and debt burden. Recently, Law Gazette in the UK reported that Slater & Gordon was undergoing a massive restructure in that market, which may ease or exaggerate shareholder fears.

Slater & Gordon shares are down 97% in the past 12 months.

Lovisa Holdings Ltd (ASX: LOV) dropped 5% to $2.20 on no news as investor uncertainty around the stock’s value continues. Shares were crunched as low as $2 back in February after the company’s interim report, although this could have been an overreaction by the market. Lovisa is rapidly expanding its store network, and with a significant chunk of revenue already coming from overseas, it is one Australian retailer that could be worth a closer look.

Lovisa shares are down 19% in the past 12 months.

Alumina Limited (ASX: AWC) lost 5% to $1.23 on no news, despite an increase in the value of aluminium overnight. Significant shareholder Perpetual announced a reduction in its Alumina stake from 12.9% to 11.48% last week, while Alcoa Inc GDR (ASX: AAI) in the US signed a contract worth $350 million over the next two years last Thursday. Alumina Limited is a 40% shareholder in US-listed Alcoa. Although Alumina is down for the year, its outlook is uncertain, with many analysts predicting the value of aluminium (and thus potentially alumina and bauxite) is likely to fall substantially further.

Alumina Limited shares are down 26% in the past 12 months.

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Motley Fool contributor Sean O'Neill has no position in any stocks mentioned. 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.