In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week in the red. At the time of writing, the benchmark index is down 1.15% to 7,071 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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BWX Ltd (ASX: BWX)
The BWX share price is down heavily for a fourth day in a row and nursing an 8% decline to a new record low of 17 cents. Investors have been selling the Sukin skincare manufacturer's shares this week following the release of shocking business update. BWX now has a mountain of debt almost triple its market capitalisation and is on track to breach its debt covenants. A recapitalisation may be needed to save the company from going under at this rate.
Earlypay Ltd (ASX: EPY)
The Earlypay share price is down a whopping 39% to 19.5 cents. Investors have been selling this lender's shares after the release of an update on its exposure to RevRoof. The roofing business has fallen into administration and owes Earlypay approximately $29 million. Management advised that uncertainty has arisen around how much will be recovered by Earlypay from Revroof. As a result, it has withdrawn its guidance for FY 2023.
Evolution Mining Ltd (ASX: EVN)
The Evolution share price is down 3% to $2.93. This follows a pullback in the gold price overnight amid interest rate hike concerns. It isn't just Evolution that is dropping today. The S&P/ASX All Ordinaries Gold index is down 2.2% this afternoon.
Pointsbet Holdings Ltd (ASX: PBH)
The Pointsbet share price is down a sizeable 11.5% to $1.24. This is despite there being no news out of the sports betting company today. And while there is plenty of selling going on in the tech sector after a poor night on the NASDAQ index, PointsBet is being punished far more than most. Interestingly, the company's market capitalisation is now lower than its cash balance at the end of the last quarter.
