The S&P/ASX 200 Index (ASX: XJO) is on course to end the day with a decline. In afternoon trade, the benchmark index is down 0.3% to 7,023.3 points.
Four ASX shares that have fallen more than most are listed below. Here's why they are sinking:
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A2 Milk Company Ltd (ASX: A2M)
The a2 Milk share price is down a further 3.5% to $6.91. Investors continue to sell this infant formula company's shares amid concerns that it will fall short of its downgraded guidance in FY 2021. This is due to signs of discounting by Australian retailers and weak prices on Chinese ecommerce platforms.
The Atlas Arteria Group (ASX: ALX)
The Atlas Arteria share price is down 2.5% to $5.96. This toll road operator's shares have come under pressure today after revealing that the Virginia State Corporation Commission (SCC) has rejected its request to increase tolls on the Dulles Greenway. Atlas was seeking a rise of 6% this year and 6.5% next year. However, the Virginia SCC will leave the price at $5.80 for the next two years.
Audio Pixels Holdings Ltd (ASX: AKP)
The Audio Pixels share price has sunk 11% to $23.00. This follows the release of the speaker development company's quarterly update. Within that update, Audio Pixels revealed that the semiconductor shortage had a dramatic impact on the packaging of its chips. This means the demonstration of its technology has been pushed back yet again until the end of the current quarter. Audio Pixels has been promising this technology for around 15 years now.
Nickel Mines Ltd (ASX: NIC)
The Nickel Mines share price has crashed 15% to $1.09 following the release of its quarterly update. For the three months ended 31 March, Nickel Mines reported quarterly production of 10,067.5 tonnes of nickel metal. This was down 12.7% from the December 2020 quarter. In addition, higher costs and lower sales volumes led to the company reporting a 29.2% decline in EBITDA to US$50.7 million.
