These were the worst performers on the ASX 200 in September

It certainly was a month to forget for the S&P/ASX 200 Index (ASX: XJO). The benchmark index lost a disappointing 7.3% of its value to close the month at 6,474.2 points.

While a good number of ASX 200 shares tumbled with the market, some fell particularly hard. Here's why these were the worst performers on the index last month:

Link Administration Holdings Ltd (ASX: LNK)

The Link share price was the worst performer on the ASX 200 last month with a decline of 33.5%. This was driven by the collapse of the administration services company's takeover by Dye & Durham. Link is now looking at options to unlock value for shareholders. This could include distributing its stake in PEXA Group Ltd (ASX: PXA).

Iress Ltd (ASX: IRE)

The Iress share price was out of form and sank 21.1% during September. The majority of this decline came in the final week of the month following the release of a trading update at its annual general meeting. Iress revealed that it is experiencing some timing delays in the conversion of new sales opportunities due to challenging market conditions. As a result, FY 2022 net profit after tax is now expected to be between $54 million and $58 million, down from its prior guidance of $63 million to $72 million.

Flight Centre Travel Group Ltd (ASX: FLT)

The Flight Centre share price was sold off last month and dropped 20.5%. Investors were selling down travel shares in September amid concerns that rising living costs could impact the tourism market. Short sellers will have been pleased with this decline. Flight Centre has been the most shorted share on the Australian share market since the start of the year.

Ramsay Health Care Limited (ASX: RHC)

The Ramsay Health Care share price wasn't far behind with a 20.1% decline in September. This decline was driven by the termination of the private hospital operator's takeover talks with a consortium led by private equity giant KKR. Talks ended after the consortium was unwilling to lift its offer, which Ramsay had described as "meaningfully inferior."