In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small decline. At the time of writing the benchmark index is down 0.1% to 6,733.2 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Clinuvel Pharmaceuticals Limited (ASX: CUV)
The Clinuvel share price is down 7% to $19.87. This morning this biopharmaceutical company's shares were dumped out of the ASX 200 index at the quarterly rebalance. In other news, the company released its latest strategy update. But that clearly hasn't been enough to boost its shares today.
EML Payments Ltd (ASX: EML)
The EML share price is down almost 4% to 90 cents. This embattled payments company's shares were also kicked out of the ASX 200 index this morning following the quarterly rebalance. With its shares down over 70% this year, the company's market capitalisation has dropped to just over $330 million. This wasn't enough to make it a top 200 company.
Infomedia Limited (ASX: IFM)
The Infomedia share price is down 4.5% to $1.30. This morning the software provider to the automotive industry revealed that after 13 weeks of discussions, the TA Consortium has been unable to develop and submit a binding takeover offer. The consortium previously tabled a non-binding $1.70 cents per share offer.
Link Administration Holdings Ltd (ASX: LNK)
The Link share price is down 2.5% to $3.38. This has also been driven by a takeover update. On this occasion, the administration services provider announced this morning that it has rejected a revised takeover offer from Dye & Durham. The suitor revised its offer after coming to the view that it cannot accept conditions set by the UK regulator to complete the deal as it was.
