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Why these 4 ASX shares have fallen lower today

Although it has faded a touch in afternoon trade, the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is in positive territory and up 0.2% to 5,731 points.

Four shares which haven’t managed to follow the index higher today are listed below. Here’s why they have fallen lower:

The Audio Pixels Holdings Ltd (ASX: AKP) share price has tumbled 5% to $17.05. Yesterday the shares of the manufacturer of next-generation audio speakers rocketed higher after it announced that its speakers are close to a commercial standard. Whilst the company could have enormous potential, I would stay clear of the company until it has a finished product and is generating sales.

The Aventus Retail Property Fund (ASX: AVN) share price is down 5% to $2.39 after announcing the successful raising of approximately $162 million from institutional investors at $2.32 per share. The proceeds from the equity raising will be used to partially fund the acquisition of two large format retail centres located in Castle Hill and Marsden Park for $436 million.

The Vita Group Limited (ASX: VTG) share price has continued its decline, this time by 3.5% to 95.5 cents. The retailer’s shares have fallen almost 60% in May after it emerged that Telstra Corporation Ltd (ASX: TLS) intends to reduce its remuneration by 10% each year for the next three years. Although it is dirt cheap, I think investors would be best staying clear of the retailer at this point.

The Zelda Therapeutics Ltd (ASX: ZLD) share price has fallen once again, this time by 7% to 5.5 cents. Much like Vita, Zelda’s shares have also had a month to forget. The medicinal cannabis company’s shares are down almost 47% in May. Although I think the company has a lot of potential, I feel it may still be a little soon for an investment.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia owns shares of Telstra 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.