The S&P/ASX 200 Index (ASX: XJO) has started the week on a very disappointing note. In afternoon trade the benchmark index is down a sizeable 7.5% to 4,454.9 points.
Four shares that have fallen more than most today are listed below. Here's why they are crashing lower:
The Afterpay Ltd (ASX: APT) share price has plummeted 35% lower to $8.10. Investors have continued to sell off the buy now pay later provider's shares amid concerns that the coronavirus outbreak could stifle its growth and cause a spike in bad debts. Earlier today the former market darling's shares hit a 52-week low of $8.01.
The JB Hi-Fi Limited (ASX: JBH) share price is sinking 13% lower to $23.98. This morning the retailer released an update which revealed that its sales have continued to grow strongly in 2020. Whilst this was positive, management warned that there is uncertainty in regard to its future performance because of the coronavirus outbreak. As a result, it has withdrawn its FY 2020 sales and earnings guidance.
The National Australia Bank Ltd (ASX: NAB) share price has tumbled 10.5% lower to $14.02. Investors have continued to sell the big four banks despite the government's latest stimulus package. NAB appears to have been hit hardest given its overweight exposure to SME lending. Investors may be concerned that its bad debt will spike if small businesses can't weather the storm.
The Village Roadshow Ltd (ASX: VRL) share price has crashed 35% lower to 87 cents. The catalyst for this decline was an announcement which revealed that the entertainment company is temporarily closing its Gold Coast theme parks Warner Bros. Movie World, Sea World, Wet'n'Wild, and Paradise Country. In addition to this, all cinemas operated by Village Roadshow will close on Monday. Sea World Resort remains open at this stage.
