Here are the 5 worst performing ASX shares (with a market capitalisation greater than $300 million) that wound up in the bargain bin last month.
5 worst performing ASX shares in September
1. Jindalee Resources Ltd (ASX: JRL)
The Jindalee Resources share price comes in as one of the worst performing ASX shares last month, tumbling 38% to $2.34.
The company’s preliminary scoping study for its McDermitt Lithium Project was a major catalyst behind its sharp declines.
The announcement, released on 16 September, struggled to provide investors with enough tangible metrics to determine the feasibility of its lithium project.
The preliminary scoping study cautioned that it was “based on an indicated and inferred mineral resource … there is a low level of geological confidence associated with inferred mineral resource”.
Jindalee shares tumbled 10.95% to $3.01 on the day of the announcement.
2. Marley Spoon AG (ASX: MMM)
The Marley Spoon share price took a major hit in early September when Woolworths Group Ltd (ASX: WOW) decided to sell its stake in the company.
On 6 September, the supermarket giant offloaded 28,026,000 Chess Depository Interests (CDIs) or 9.87% of the company at $1.91 per CDI.
Marley Spoon shares plunged 10.34% on the day. They finished last month down 30.6% to a 15-month low of $1.47.
3. Fortescue Metals Group Ltd (ASX: FMG)
The Fortescue share price has wound up between underperforming small caps, tumbling 28% in September to a 15-month low of $14.96.
Unlike its peers, BHP Group Ltd (ASX: BHP) and Rio Tinto Ltd (ASX: RIO) that have diversified mining portfolios, Fortescue copped the brunt of the selling as iron ore prices hit as low as US$92 a tonne.
4. BlueBet Holdings Ltd (ASX: BBT)
The BlueBet share price took a 21% dive on 6 September after the company withdrew its application for a Sports Betting Permit in the US State of Virginia.
The company advised that the decision “follows an exhaustive licence application process comprising 18 applications for only 5 available permits”.
The BlueBet share price tumbled 27% in September to a 2-month low of $1.83.
5. Mount Gibson Iron Ltd (ASX: MGX)
Mount Gibson is another iron ore name winding up in September’s worst performing ASX shares list.
Iron ore prices reversed so fast that Mount Gibson made the tough call to ramp down and suspend operations at its Shine project.
Mount Gibson said that “given recent significant adverse movements in iron ore prices, product discounting and shipping freight rates, the Company will implement a staged suspension of operations at the Shine mine site to reduce expenditure and preserve the value of the deposit, as well as to provide time to assess the outlook for the iron ore market”.
Its shares tumbled 24% in September, close to 2-year lows of 48 cents.