The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is having another day to forget. In afternoon trade the benchmark index is down over 0.7% to 5,659 points.
Four shares which have fallen more than most today are listed below. Here's why they have dropped into the red:
The Birimian Ltd (ASX: BGS) share price is down a massive 30% to 29 cents after the pre-feasibility study at its Goulamina lithium project fell well short of expectations. I believe the results of the PFS study arguably make it difficult to justify even its current valuation.
The Kogan.com Ltd (ASX: KGN) share price has fallen almost 4% to $4.00 despite there being no news out of the online retailer. But with its shares up sharply in the last few months, I suspect that today's decline could be the result of profit-taking.
The SYNLAIT FPO NZX (ASX: SM1) share price has continued to sink lower, this time by 2.5% to $5.94. The dairy processer's shares have come under heavy selling pressure after this week Deutsche Bank downgraded it to a sell rating on Tuesday.
The Syrah Resources Ltd (ASX: SYR) share price is down 3.5% to $3.49 despite there being no news out of the graphite miner. However, one major shareholder has been selling shares recently. According to a filing after the market closed yesterday, fund manager Regal Funds has recently reduced its stake in the company from 9.7% to 8.4%.
