The S&P/ASX 300 (Index: ^AXKO) (ASX: XKO) went nowhere yesterday, closing down 0.2% at 5,438.9 points. The gold sector rose 1.4%, while the telecommunication services sector added 1.2%. The energy sector fell 0.9%, dragging on the index.

These four companies saw their share prices sink…

Clean TeQ Holdings Limited (ASX: CLQ) continues to fall, losing another 16.5% to 43 cents today, following the release of its Syerston Nickel & Cobalt pre-feasibility study (PFS) on October 5. It seems the market is much less enamoured about the A$906 million capital costs to get the project into production – and how the $189 million market cap Clean TeQ is going to find the funding for it.

Independence Group NL (ASX: IGO) saw its share price sink 5% to $3.82, perhaps as short-sellers increase their holdings, betting on the share price falling even further. The diversified nickel and gold miner has seen its share price soar more than 50% so far this year after acquiring Sirius Resources’ Nova project which is expected to begin production later this year.

Bellamy’s Australia Ltd (ASX: BAL) saw its share price fall 4.4% to $11.97. The baby formula producer is yet another of the stocks targeted by short sellers, but short interest is dropping – perhaps indicating that some hedge funds think the odds of the share price falling much further are small. Broker Morgans tipped Bellamy’s as one of its 9 small cap stars to buy this month – and it’s one company I hope to be holding for a very long time – despite today’s fall.

Class Ltd (ASX: CL1) saw its share price swing 8% lower to $3.46, and shares in the superannuation administration software provider have now lost 14% in the past 5 trading days. The share price may well be due for a bit of a pullback, given the shares are trading on a P/E ratio of ~70x. Yes the company has produced spectacular results so far, but that’s a lot of growth already priced in.

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Motley Fool contributor Mike King owns shares of Bellamy's Australia. The Motley Fool Australia owns shares of Bellamy's Australia and Class Limited. 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.