The S&P/ASX 200 Index (ASX: XJO) is on course to end the week in the red. In afternoon trade, the benchmark index is down 0.8% to 7,349.5 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Baby Bunting Group Ltd (ASX: BBN)
The Baby Bunting share price is down 7% to $2.29. Investors have been selling this baby products retailer's shares following the release of a disappointing half year result. Baby Bunting reported a 6.6% increase in sales to $254.9 million but a 59% decline in net profit after tax to $5.1 million. This led to the company slashing its dividend by 59% to 2.7 cents per share.
Integral Diagnostics Ltd (ASX: IDX)
The Integral Diagnostics share price has sunk 16% to $2.63. This morning, this diagnostic imaging services company reported a 36.4% decline in operating profit to $7.8 million. This was driven by significant cost pressures, especially from higher labour costs, driven by inflation and labour market supply constraints.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is down almost 7% to $4.38. Investors have been selling Pilbara Minerals and other lithium shares despite there being no news out of them. Though, with some analysts tipping lithium prices to fall materially, there could be some profit taking going on here after stellar gains were recorded over the last 12 months.
Zip Co Ltd (ASX: ZIP)
The Zip share price is down 3.5% to 58 cents. This appears to have been driven by concerns that ASIC could be about to make things tough for the buy now pay later (BNPL) industry. Potential new rulings could see BNPL providers face largely the same regulatory hurdles as credit card companies. That means they may need to look into customers' financial health before opening a line of interest-free credit.
