The S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. In afternoon trade, the benchmark index is down 0.45% to 7,344.2 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are sinking:
Blackmores Limited (ASX: BKL)
The Blackmores share price is down 3% to $90.76. This follows the surprise news that the health supplements company's Chief Financial Officer has resigned. According to the release, Gunther Burghardt is leaving the post after less than two years to pursue personal interests. Mr Burghardt will leave in late February 2022 following the release of Blackmores' half year results.
Mesoblast limited (ASX: MSB)
The Mesoblast share price has continued its slide and is down a further 6% to a 52-week low of $1.31. Investors have been selling the allogeneic cellular medicines developer's shares this week after Novartis terminated an agreement that could have been worth ~US$1.2 billion. The two parties were looking at Mesoblasts' remestemcel-L as a treatment for acute respiratory distress syndrome (ARDS) due to COVID-19.
Vulcan Energy Resources Ltd (ASX: VUL)
The Vulcan share price is down 7% to $11.28. This follows broad weakness in the lithium sector following a poor night of trade on Wall Street. In addition, prior to today the Vulcan share price was up 32% in just over a week. This could mean some investors are taking a bit of profit off the table today.
Zip Co Ltd (ASX: Z1P)
The Zip share price is down 5% to $4.52. The tech sector is a sea of red on Wednesday following a particularly poor night of trade on the tech focused Nasdaq index. This has led to the S&P/ASX All Technology Index losing approximately 2.6% of its value during Wednesday's trade.
