In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a decline. At the time of writing, the benchmark index is down 0.4% to 7,213.2 points.
Four ASX shares that are falling more than most today are listed below. Here’s why they are dropping:
Bapcor Ltd (ASX: BAP)
The Bapcor share price is down 4.5% to $6.49. Investors have been selling this auto parts retailer’s shares after it revealed that its CEO will now exit immediately instead of in February. Bapcor advised that since announcing the retirement of Darryl Abotomey as its CEO, there has been a marked deterioration in the relationship between him and the Board. As a result, “Mr Abotomey’s position as MD and CEO has become untenable.”
Kogan.com Ltd (ASX: KGN)
The Kogan share price has fallen 5.5% to $7.28. Investors have been selling the ecommerce company’s shares for a couple of reasons. One is the broad weakness in the tech sector following a poor night of trade on the tech-focused Nasdaq index on Friday. The other is Kogan being dumped from the ASX 200 index at the next quarterly rebalance.
Sigma Healthcare Ltd (ASX: SIG)
The Sigma share price is down almost 7% to 49 cents. This follows the release of a trading update from the pharmacy chain operator. According to the release, Sigma expects its earnings before interest, taxes, depreciation, and amortisation (EBITDA) to drop by 10% in FY 2022. This compares to previous guidance for 5% growth in FY 2022 and was driven largely by operational issues resulting from the roll-out of its Enterprise Resource Planning.
Zip Co Ltd (ASX: Z1P)
The Zip share price is down over 9% to $4.38. This appears to have been driven by broad weakness in the tech sector and particularly in the BNPL industry. A number of BNPL shares are recording larger than average declines today following a tough night on the Nasdaq index on Friday. The Zip share price fell to a 52-week low today.