The Vulcan Energy Resources Ltd (ASX: VUL) share price has taken a tumble on Wednesday.
In afternoon trade, the lithium developer's shares are down 8% to $5.43.
Why is the Vulcan share price tumbling?
Investors have been selling Vulcan shares on Wednesday amid broad market weakness following a poor night of trade on Wall Street.
For example, at the time of writing, the ASX 200 index is down a disappointing 1.1%.
Higher risk shares, such as lithium shares, have been hit harder than most today. This appears to have been driven by investors lowering their risk appetite following a resurgence in recession fears after weaker than expected consumer confidence data in the US.
It isn't just Vulcan that is taking a tumble today in the lithium industry. Here's a summary of how some of its peers are performing:
- The Core Lithium Ltd (ASX: CXO) share price is down 5%
- The Lake Resources N.L. (ASX: LKE) share price is down 3.5%
- The Piedmont Lithium Inc (ASX: PLL) share price is down 6%
- The Sayona Mining Ltd (ASX: SYA) share price is down 8%
Following today's decline, the Vulcan share price has now lost 50% of its value since the start of the year.
