In a day most investors would prefer to forget, the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has fallen more than 1% with a number of the country’s biggest shares leading the way. However, these four ASX shares are doing even more damage…

Amcor Limited (ASX: AMC) shares have fallen 3% today to $14.41, taking their total loss over the last two sessions to 11.8%. The heavy loss comes as a result of an announcement made by the company regarding an impairment to its Venezuelan operations which could impact profit before interest and tax (PBIT) by approximately US$40 million ($53.9 million).

Blackmores Limited (ASX: BKL) has fallen 4.6% today, while Bellamy’s Australia Ltd (ASX: BAL) and a2 Milk Company Ltd (Australia) (ASX: A2M) have both recorded gains thus far. This could be due to a report from The Australian Financial Review this morning highlighting how tougher regulations in China could actually help Bellamy’s and a2 Milk by blocking many other brands from selling in the region. By comparison, Blackmores’ infant formula range is reported to be struggling to gain traction in the Australian market, with investors perhaps growing doubtful about its prospects.

Indeed, Blackmores’ decline has come even though the shares earned a promotion into the S&P/ASX 100 Index this morning. The change will be effective as of the close of trading on June 17, 2016.

BHP Billiton Limited (ASX: BHP) shares have shed 4.2% and are trading at $18.79. The fall appears to be a result of a decline in the price of copper, together with a pullback in oil prices. Both are important commodities for the Big Australian, so a declining price could hurt their earnings for the period.

Liquefied Natural Gas Ltd (ASX: LNG) shares have skyrocketed over the past week which may have been due to takeover speculation. However, the euphoria appears to have worn off today with the shares trading 17.2% lower at the time of writing. Indeed, investors should always be careful about buying into takeover speculation with a prospect of a heavy fall in the company’s share price if no offer eventuates.

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Motley Fool contributor Ryan Newman owns shares of Bellamy's Australia. The Motley Fool Australia owns shares of Bellamy's Australia. 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.