It has been a disappointing day of trade for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the benchmark index is down 0.5% to 6,023.9 points.
Four shares that have fallen more than most today are listed below. Here's why they have tumbled lower:
The AVZ Minerals Ltd (ASX: AVZ) share price has continued its decline and is down a further 5% to 9.1 cents. The lithium-focused mineral exploration company's shares have come under significant selling pressure this month after it acknowledged concerns over shipping issues at its Manono project and its CEO offloaded more than half of his shares.
The Battery Minerals Ltd (ASX: BAT) share price has plunged 28.5% to 3.5 cents after advising that its US$30 million debt and equity funding agreement with Resource Capital Funds has been terminated. Resource Capital Funds pulled the plug on the agreement after deciding that the graphite market no longer meets its investment criteria.
The Bellamy's Australia Ltd (ASX: BAL) share price has tumbled almost 6.5% to $16.39 despite there being no news out of the organic infant formula company. Almost all infant formula shares have dropped lower today as investors go into risk off mode ahead of tonight's FOMC meeting. I think today's sizeable share price decline could be a buying opportunity for investors that are willing to make a patient buy and hold investment.
The Kogan.com Ltd (ASX: KGN) share price has fallen almost 5.5% to $7.42 after the e-commerce company advised that chief executive officer Ruslan Kogan and chief financial officer David Shafer have sold 6 million shares. The pair received an unsolicited bid for 6 million shares this morning and "reluctantly accepted the bid due to personal financial commitments." Both still have significant holdings in the company and appear to have their interests firmly aligned with shareholders. In light of this, I think this selloff could be an overreaction and a buying opportunity.
