Following on from a piece I wrote yesterday about how Class Ltd (ASX: CL1) and two other shares that are going gangbusters in September, I’ve decided to look at the reasons behind three shares getting smashed this month.

With the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) down around 3.5% in September there certainly are a good number of shares in the red month-to-date. But these three shares have tumbled much further. Here’s why:

Estia Health Ltd (ASX: EHE)

Shareholders of the embattled aged care provider have seen the value of their holdings fall by around 10.5% in September. Whilst by no means great, this is a big improvement from earlier in the month when its shares were down by as much as 30%. These declines could be attributed to a research note out of investment bank CLSA which revealed that its analysts had downgraded its shares to a sell. CLSA’s analysts believe Estia Health will be negatively impacted by an update on guidelines for additional private fees in residential aged care from the federal government.

Fantastic Holdings Limited (ASX: FAN)

So far in September the shares of this furniture retailer have plunged by over 16% despite there being no news out of the company. Considering its share price surged by 15% following the release of its full year results, it would appear as though there has been some profit taking going on. Notable shareholders IOOF Holdings Limited (ASX: IFL) and Perpetual Limited (ASX: PPT) have been trimming back their positions considerably since the results.

Santos Ltd (ASX: STO)

The shares of Santos have dropped a whopping 23% month-to-date on the back of falling oil prices. With supply continuing to outstrip demand, the International Energy Agency recently stated that it believes it will take longer than anticipated for things to rebalance. If OPEC can agree on a production freeze then things may improve, but I wouldn’t get my hopes up personally. This has been attempted before, but failed miserably. If oil prices remain at these levels there’s a reasonable chance that the highly leveraged oil producer may have to raise capital. I would avoid this one despite how cheap it may appear.

Finally, if your portfolio took a little bit of a hit this month then I would highly recommend investing in these three fast-growing ASX shares. Each could be just what your portfolio needs to take it higher in the months ahead.

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Motley Fool contributor James Mickleboro 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.