The Novonix Ltd (ASX: NVX) share price closed lower on Wednesday despite no news coming from the company in the last month.
Shares of the battery materials tech company finished at $2.74 each, 6.49% lower than yesterday's closing price of $2.93.
By comparison, the S&P/ASX 200 Information Technology Index (ASX: XIJ) closed 0.27% higher while the S&P/ASX 200 Industrials Index (ASX: XNJ) finished 1% ahead.
Meanwhile, the S&P/ASX 200 Index (ASX: XJO) gained 0.31% today.
Let's look at the performance of Novonix against some of its peers today.
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Why did the Novonix share price plummet today?
The Novonix share price was sold off considerably this afternoon.
It wasn't alone though. Lake Resources NL (ASX: LKE), Vulcan Energy Resources Limited (ASX: VUL), and Core Lithium Limited (ASX: CXO) also closed well in the red today. The companies lost 5.6%, 4.93%, and 4.03%, respectively.
It was a tough day generally for ASX lithium shares today despite lithium carbonate prices holding steady, according to Trading Economics.
Today's fall sees the Novonix share price down 74% year to date and 51% over the last six months.
Its long-term trend is more positive, though, with the company's shares yielding a gain of more than 225% in the last five years.
The benchmark index is currently down 6% year to date and up 24% over the last five years.
