The S&P/ASX 200 Index (ASX: XJO) has followed Wall Street's lead and dropped deep into the red. In afternoon trade, the benchmark index is down 1.4% to 6,662.8 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Adbri Ltd (ASX: ABC)
The Adbri share price is down 21% to $1.45. Investors have been selling down this building materials company's shares after it announced the exit of its CEO and released a disappointing trading update. The latter reveals that its profits will be down materially in FY 2022 due to higher costs.
Costa Group Holdings Ltd (ASX: CGC)
The Costa share price is down 13% to $2.01. This has been driven by news that Costa's Citrus operations have been underperforming due to adverse weather. As a result, Costa currently expects its full year group EBITDA-S to be marginally ahead of last year's results. This compares to strong first half EBITDA-S growth of 12.6%.
Hawsons Iron Ltd (ASX: HIO)
The Hawsons Iron share price is down a whopping 62% to 14 cents. This morning, Hawsons Iron revealed that escalating global costs and deteriorating economic conditions have necessitated a slowdown decision for the Hawsons Iron Project Bankable Feasibility Study. Management believes it would be prudent to preserve capital while examining all options to progress the project.
Medibank Private Ltd (ASX: MPL)
The Medibank share price is down 3.5% to $3.40. Investors have been selling this private health insurance giant's shares after it was the latest victim of a cyberattack. The good news is that Medibank appears to have responded quick enough to prevent any customer data being taken or ransomware being installed. The company has now deployed additional security measures across its network, strengthening the integrity of its systems.
