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Why these 4 ASX shares were CRUSHED today

In afternoon trade the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is largely flat at 5,768 points.

Weighing heavily on the market today have been four shares in particular. Here’s what sent them lower:

The Independence Group NL (ASX: IGO) share price has fallen almost 3% to $3.68 despite there being no news out of the miner. But with delays to its ore production ramp up at its Nova mine resulting in a recent production guidance downgrade, I’m not entirely surprised to see its shares on the decline.

The Slater & Gordon Limited (ASX: SGH) share price has dropped 8% to 11.5 cents. The embattled law firm’s share price has now lost around half of its value this year. At this point in time I think Slater & Gordon is a share that all investors ought to avoid.

The Thorn Group Ltd (ASX: TGA) share price has declined 8% to $1.53 after the release of a disappointing market update. An investigation into its lending practices has now reached a point where management expects ASIC to seek a civil penalty that requires further compensation and remediation. As a result it has reduced its full-year profit guidance to between $24 million and $26 million.

The Virtus Health Ltd (ASX: VRT) share price has fallen 3.5% to $5.50 despite there being no news out of the IVF specialist. Today’s decline means its shares have now fallen by a massive 30% in the last six months. Increased competition from a new entrant to the market has hit the company hard, resulting in a loss of market share and a drop in profits.

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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.

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