The S&P/ASX 200 index has had a disappointing start to the week and followed the lead of international markets by dropping lower. In afternoon trade the index is down 1.3% to 6,114.7 points.
Four shares that have fallen more than most on Monday are listed below. Here's why they have crashed lower:
The Altium Limited (ASX: ALU) share price has plunged over 7% lower to $32.50. The majority of Australia's leading tech shares have tumbled lower today after a selloff of U.S. tech stocks on Friday night. Concerns over global economic growth after the release of weak economic data out of Europe appears to be behind the selling. The S&P/ASX 200 Info Tech index is down 3.3% at the time of writing.
The Australia and New Zealand Banking Group (ASX: ANZ) share price has dropped 2.5% to $25.84. Although all the banks have dropped lower today, ANZ is the worst performer by some distance. Broad market weakness is largely behind the decline, but news that HSBC is attempting to grow its share of the home lending market could also be weighing on investor sentiment.
The Eclipx Group Ltd (ASX: ECX) share price has continued its poor run and is down a further 10% to 67 cents. Last week Eclipx was the worst performer on the ASX 200 with a massive 60.5% decline. The vehicle fleet leasing, fleet management and diversified financial services provider's shares were sold off following the release of a disappointing update which revealed that trading conditions have continued to deteriorate since its last update in January. In addition to this, the company advised that merger talks with McMillan Shakespeare Limited (ASX: MMS) have broken down.
The Estia Health Ltd (ASX: EHE) share price has dropped 5% to $2.70. Investors appear to have been hitting the sell button today after SAPOL reported that two people have been charged with aggravated assault at one of its aged care facilities in Adelaide. According to FIVEaa News, the two people allegedly abused a resident and will appear in court on April 3.
