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Why these 4 ASX shares have fallen deep into the red today

It has been another disappointing day of trade for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the benchmark index is on course to makes it three days of declines in a row and is down 0.15% to 6,033 points.

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

The Myer Holdings Ltd (ASX: MYR) share price is down 5.5% to 44.5 cents. After the market closed on Tuesday the embattled department store operator released a response to recent criticism from Premier Investments Limited (ASX: PMV). The response doesn’t appear to have been sufficient to convince some shareholders that things will improve under its new leadership.

The Oliver’s Real Food Ltd (ASX: OLI) share price has plunged a massive 47% to 13 cents after the healthy fast food company released a trading update and profit downgrade. Due to weak trading and the underperformance of new stores, the struggling restaurant operator has downgraded its EBITDA guidance by between 31.3% and 37.5% just a matter of weeks after reaffirming it. While I think healthy fast food is a nice concept, I’m not convinced Oliver’s will be able to pull it off.

The Santos Ltd (ASX: STO) share price has tumbled 9% to $5.86 after the energy producer rejected Harbour Energy’s takeover approach and terminated discussions. The company’s independent directors and managing director unanimously resolved to reject the proposal on the basis that that it does not represent the full value of the company and is not in the best interests of shareholders.

The Sirtex Medical Limited (ASX: SRX) share price has fallen 4.5% to $28.46 after the regenerative medicine company advised that Varian Medical Systems would not be coming back with a better takeover offer after CDH Genetech confirmed that its offer was now binding. Some shareholders may have been optimistic that a bidding war would commence.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Premier Investments 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 Scott Phillips.