The S&P/ASX 200 Index (ASX: XJO) is having a tough start to the week. In afternoon trade, the benchmark index is down 0.7% to 7,162.3 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are sinking:
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Bigtincan Holdings Ltd (ASX: BTH)
The Bigtincan share price is down a further 6% to 53 cents. This sales enablement platform provider's shares have been smashed in recent sessions after the company's strange decision to raise capital while it is the subject of a takeover approach. Bigtincan raised $30 million at 60 cents per share despite having received an 80 cents per share takeover offer.
Nanosonics Ltd (ASX: NAN)
The Nanosonics share price is down 13% to $4.22. This is despite there being no news out of the heavily shorted infection prevention company. Though, it is worth noting that a major shareholder revealed that it has been selling down its stake. State Street sold over 3.5 million shares last week.
Origin Energy Ltd (ASX: ORG)
The Origin share price is down almost 8% to $7.20. Investors have been selling Origin and other utilities shares in response to news that Prime Minister Anthony Albanese is planning a price cap on domestic coal and gas sales. Energy Minister Chris Bowen said: "It's Australian gas, under Australian soil and Australians should not be paying elevated war prices for that gas."
Tyro Payments Ltd (ASX: TYR)
The Tyro share price is down over 17% to $1.23. This morning Tyro concluded takeover talks with Potentia and Westpac Banking Corp (ASX: WBC) after failing to receive an acceptable offer from either party. Potentia had increased its offer to $1.60 per share, but this was swiftly rejected. Westpac never actually tabled an offer, potentially after realising that its idea of fair value was well short of what Tyro expected.
