The S&P/ASX 200 index has fought back from its lows but is still in the red this afternoon. At the time of writing the benchmark index is down 0.2% to 6,496.3 points.
Four shares that have fallen more than most today are listed below. Here's why they have dropped lower:
The Galaxy Resources Limited (ASX: GXY) share price has tumbled 5% lower to $1.70 despite there being no news out of the lithium miner. However, investor sentiment in the industry is at rock bottom levels right now due to a sharp decline in prices of the battery making ingredient over the last 12 months.
The Kogan.com Ltd (ASX: KGN) share price has dropped 4% to $6.00 after the ACCC announced that it was taking the ecommerce company to court. The ACCC has instituted proceedings against Kogan in the Federal Court alleging that it made false or misleading representations about a 10% discount promotion. This afternoon Kogan responded to the allegations, advising that "it strongly denies the allegations and will defend the proceedings."
The LiveTiles Ltd (ASX: LVT) share price has fallen 6% to 47 cents. The intelligent workplace software provider's shares rocketed 27% higher yesterday after announcing another partnership with tech giant Microsoft. I suspect that this may have led to some investors deciding to make a quick profit by selling their shares today.
The Reject Shop Ltd (ASX: TRS) share price has dropped 6.5% to $2.12 after the discount retailer downgraded its guidance for FY 2019. According to the release, tough trading conditions in the retail sector have led to sales falling well below expectations. In addition to this, the company's gross margins have fallen because the expected benefits from initiatives failed to land with consumers. In light of this, the company will be unable to achieve its full year net profit after tax guidance of between $3.1 million and $4.1 million. Instead, it expects to post a loss after tax of between $1 million and $2 million.
