In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a disappointing decline. At the time of writing, the benchmark index is down 1.7% to 6,918.9 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Invictus Energy Ltd (ASX: IVZ)
The Invictus Energy share price has crashed 48% to 15 cents. Last week, the energy explorer revealed that its wireline formation testing tool got stuck during drilling operations at Mukuyu-1. And while it has now been retrieved, it was unable to provide any meaningful data due to damage. Management isn't confident it will ever be able to obtain a fluid sample and thus will conclude operations on Mukuyu-1 and ST1 and demobilise the well services equipment and personnel.
New Hope Corporation Limited (ASX: NHC)
The New Hope share price is down 8% to $5.87. Investors have been selling down the coal miners again today. They may have concerns that coal prices will not be as strong in 2023 and have been taking profit after some stellar gains last year.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is down 4% to $3.60. This is despite there being no news out of the lithium miner on Tuesday. However, it is worth noting that Tesla released its 2022 vehicle deliveries data overnight. Although the electric vehicle giant reported a 40% increase to 1.31 million, its fourth quarter deliveries fell a touch short of expectations. This may have sparked fears that lithium demand will soften.
WiseTech Global Ltd (ASX: WTC)
The WiseTech Global share price is down 3.5% to $48.95. Investors have been selling tech shares during the market selloff on Tuesday. This has led to the S&P/ASX All Technology Index falling 1.9% this afternoon.
