The S&P/ASX 200 Index (ASX: XJO) is having a tough start to the week. In afternoon trade, the benchmark index is down 0.4% to 7,229.8 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are sinking:
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Bank of Queensland Ltd (ASX: BOQ)
The Bank of Queensland share price is down almost 6% to $7.13. Investors have been selling this regional bank's shares after it announced the surprise exit of its CEO, George Frazis. He has left with immediate effect and without comment. The bank revealed that the "Board has formed a view that different leadership is now required to ensure BOQ can continue to build a stronger and more resilient bank through future cycles."
Bubs Australia Ltd (ASX: BUB)
The Bubs share price has crashed almost 12% to a 52-week low of 30.5 cents. Investors have been hitting the sell button after the infant formula company's under-fire CEO, Kristy Carr, revealed that revenue is expected be flat during the first half. That's despite its hyped-up US expansion and the fact that first quarter revenue grew 29%. At its annual general meeting, almost 27% of shareholder votes were against Carr being issued 1 million share rights.
City Chic Collective Ltd (ASX: CCX)
The City Chic share price is down a further 27% to 72 cents. Investors have been selling this struggling plus sized fashion retailer's shares since the release of a terrible trading update on Friday. City Chic reported a decline in sales despite benefiting from a weaker Australian dollar. It also revealed significant margin pressures and expectations that it would end the first half with an inventory position of $168 million to $174 million.
Liontown Resources Ltd (ASX: LTR)
The Liontown share price is down almost 7% to $1.87. The weakness in the battery materials industry has continued on Monday with Liontown and a number of other lithium shares falling heavily. There are concerns over lithium demand due to rising COVID cases in China. In addition, bearish notes out of Credit Suisse and Goldman Sachs have weighed on sentiment in the industry.
