The S&P/ASX 200 Index (ASX: XJO) has started the week in a disappointing fashion. In afternoon trade, the benchmark index is down 0.2% to 7,288.6 points.
Four ASX shares that are falling more than most today are listed below. Here’s why they are tumbling:
Audio Pixels Holdings Ltd (ASX: AKP)
The Audio Pixels share price is down 10.5% to $21.65. This has wiped out most the gains made last week following an announcement. Investors may be concerned why, if the company’s digital speaker technology is so revolutionary, it has had to resort to signing a fabrication agreement with an unknown Chinese company with no track record.
CIMIC Group Ltd (ASX: CIM)
The CIMIC share price sank 15% to $15.51 before being placed in a trading halt. This follows allegations reported in the Australian Financial Review of broken promises, extreme personal and financial hardship, and millions of dollars in unpaid wages from Australia’s biggest construction company.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price has crashed 30% to a multi-year low of $20.62. This morning, the fund manager announced the termination of the St James’s Place mandate. The release notes that the mandate represents approximately 12% of the company’s current annual revenues. As a result, the termination of the mandate at this point in the financial year is anticipated to impact its FY 2022 revenues by 6%.
St Barbara Ltd (ASX: SBM)
The St Barbara share price is down 8% to $1.35 after the comany announced the acquisition of Bardoc Gold Limited (ASX: BDC). St Barbara has offered 0.3604 new St Barbara shares for each Bardoc share. Based on the St Barbara share price at the close of play on Friday, this values Bardoc at approximately $157 million and each Bardoc share at 53 cents. Investors appear to believe St Barbara is overpaying to expand its footprint in the Leonora Province.