It hasn’t been a great start to the month for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the index is lower by 0.5% to 5,289 points.

Four ASX shares in particular which have made notable declines today are as follows:

Bellamy’s Australia Ltd (ASX: BAL) shares are down 3.5% to $10.98 despite there being no news out of the organic infant formula manufacturer. Its shares are now down over 15% in the last five trading sessions as fears grow over infant formula exports into the China market. Although it is likely to be a volatile few months, I see a lot of value in Bellamy’s at this price.

Nearmap Ltd (ASX: NEA) shares have fallen 4% to 77 cents. As with Bellamy’s, there was no news out of the company to cause the decline. Considering the incredible rise in its share price this year, I wouldn’t be surprised if this turned out to be a spot of profit taking. With such strong growth prospects I feel this sell off is an invitation to buy in at a reasonable price.

Santos Ltd (ASX: STO) shares have dropped 2% to $3.50 following a steep drop in oil prices. The market appears to be increasingly sceptical that the OPEC production freeze will go ahead. Furthermore with production output growing in the United States, there are fears of oversupply in global oil markets. For this reason I would suggest investors avoid oil shares.

Vita Group Limited (ASX: VTG) shares have tumbled once again, this time by almost 9% to $3.73. This is the second day in a row that the Telstra retail store operator’s shares have plunged. As a result the company was asked by the ASX to explain why. Vita Group advised that it has been in confidential discussions with Telstra regarding potential changes to its remuneration construct. It would appear as though confidential information has potentially leaked out.

Finally, did your portfolio take a hit today? If it did then these rapidly growing ASX shares could be just the tonic. Each has strong growth ahead and a real chance of jumping higher in the coming months in my opinion.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. 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.