The S&P/ASX 200 Index (ASX: XJO) has started the week in a subdued fashion. In afternoon trade, the benchmark index is down slightly to 7,154.8 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Elders Ltd (ASX: ELD)
The Elders share price is down 20% to $10.62. Investors have been hitting the sell button today after the agribusiness company released its full year results. Although Elders delivered strong revenue and earnings growth, this was overshadowed by its uncertain outlook for FY 2023 and news that its CEO will retire next year.
Flight Centre Travel Group Ltd (ASX: FLT)
The Flight Centre share price is down 3.5% to $16.41. This follows the release of a trading update at Flight Centre's annual general meeting. Although the travel agent's transaction value and revenue is tracking largely in line with first half expectations, its earnings underwhelmed. Goldman notes that Flight Centre's first half EBITDA guidance of $70 million to $90 million is short of its $119 million estimate and the market's $104 million estimate.
Perpetual Limited (ASX: PPT)
The Perpetual share price is down 5.5% to $32.87. This follows an update on its proposed acquisition of Pendal Group Ltd (ASX: PDL). According to the release, on Wednesday the courts will decide whether the scheme meeting should go ahead. Perpetual appears to be looking for a way out of the deal, whereas Pendal wants the takeover to proceed.
Telstra Group Ltd (ASX: TLS)
The Telstra share price is down 3.5% to $3.86. This morning Telstra announced that its Group Executive, Transformation, Communications and People, Alex Badenoch will be leaving the company. She decided that now was the right time to step down given the T22 strategy and CEO transition were complete. In other news, Telstra Ventures has been caught up in the FTX collapse.
