Why AGL, Booktopia, Cleanaway, and Corporate Travel Management shares are dropping

These ASX shares are in the red on Tuesday…

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The S&P/ASX 200 Index (ASX: XJO) is on course to record another decline. In afternoon trade, the benchmark index is down 0.35% to 7,320.9 points.

Four ASX shares that are falling more than most are listed below. Here’s why they are dropping:

AGL Energy Limited (ASX: AGL)

The AGL share price is down 3% to $8.37. Investors have responded negatively to news that Mike Cannon-Brookes has snapped up an 11.28% blocking stake in the energy company. Mr Cannon-Brookes wants to prevent AGL’s demerger. Though, management revealed that it remains committed to progressing the proposed demerger and believes it is in the best interests of AGL shareholders.

Booktopia Group Ltd (ASX: BKG)

The Booktopia share price has crashed 25% to 47 cents. Investors have been selling this online book retailer’s shares after it released a disappointing trading update and announced the shock resignation of its co-founder and CEO. In respect to the former, revenue for the quarter fell 1% over the prior corresponding period to $64.5 million and EBITDA fell 65% to $1.5 million.

Cleanaway Waste Management Ltd (ASX: CWY)

The Cleanaway share price is down 4% to $3.02. Investors have been selling this waste management company’s shares after it revealed that its EBITDA would be $15 million to $20 million lower than expected in FY 2022. This is due to higher fuel and labour costs and one-off operational disruptions.

Corporate Travel Management Ltd (ASX: CTD)

The Corporate Travel Management share price is down 3% to $24.97. This follows the release of a trading update from the corporate travel specialist. Corporate Travel Management revealed that the Omicron variant impacted its recovery during the third quarter. And while management expects a big fourth quarter and for momentum to carry over into FY 2023, it hasn’t been enough to keep some investors from selling shares.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has recommended Booktopia Group Limited. The Motley Fool Australia has recommended Corporate Travel Management Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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