In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed Wall Street's lead and plunged into the red. At the time of writing, the benchmark index is down 1.9% to 6,967.5 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are sinking:
Aussie Broadband Ltd (ASX: ABB)
The Aussie Broadband share price is down 13% to $2.71. Investors have been selling this broadband provider's shares after the release of its full year results. That's despite the company reporting a 56% increase in revenue to a record $546.9 million and more than doubling its EBITDA to a record of $39.4 million. The market appears to have been expecting even stronger results.
Grange Resources Limited (ASX: GRR)
The Grange share price is down 28% to 98 cents. This morning the iron ore pellet miner released its half year results and revealed a sharp drop in sales and earnings. Grange reported a half year profit of $132.2 million, down almost 36% from $205.3 million a year earlier.
NextDC Ltd (ASX: NXT)
The NextDC share price is down over 6% to $10.26. Investors have been selling NextDC's shares after a selloff on Wall Street on Friday night offset the release of a strong full year result. This morning, the data centre operator reported an 18% increase in revenue to $291 million and 26% lift in underlying EBITDA to $169 million. The latter was ahead of its guidance range of $163 million to $167 million.
Polynovo Ltd (ASX: PNV)
The Polynovo share price has continued its slide and is down a further 18% to $1.34. Investors have been selling down this medical device company's shares after its full year results disappointed last week. The market selloff today certainly hasn't helped matters, particularly given the lofty multiples its shares trade on.
