Why these 4 ASX shares sank deep into the red today

The Acrux Limited (ASX:ACR) share price is one of four sinking deep into the red today…

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It has been another disappointing day for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the benchmark index is on course to make it three days of declines in a row and is down 0.4% to 5,684 points.

Four shares which have fallen more than most today are listed below. Here's why they have sunk deep into the red:

The Acrux Limited (ASX: ACR) share price has plunged 28% to 19 cents after the drug development company advised that the licensing agreement with Eli Lilly for its Axiron testosterone drug has been terminated. I would stay clear of Acrux for the time being despite how cheap it may look.

The Catapult Group International Ltd (ASX: CAT) share price is down 8% to $1.47. Today's decline is likely to be the result of a research note out of Bell Potter this morning. According to the note, Bell Potter has downgraded Catapult to a hold rating due to concerns over its rising operating expenses. Although I do like the company and its products, I'm sitting this one out until it becomes profitable.

The Insurance Australia Group Ltd (ASX: IAG) share price has fallen 4% to $6.18. A good portion of today's decline is due to the insurance giant's shares going ex-dividend this morning. Shareholders can look forward to receiving the fully franked 20 cents per share final dividend in their bank accounts on October 9.

The Stemcell United Ltd (ASX: SCU) share price has continued its poor run and is down 13% to 4.5 cents. The medicinal cannabis hopeful has now seen its shares fall by over 35% since the release of its full-year results on August 31. That release revealed a full-year loss of $2.4 million on revenue of just $31,600.

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

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