The S&P/ASX 200 Index (ASX: XJO) has started the week in a subdued fashion. In afternoon trade, the benchmark index is down slightly to 7,344.5 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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A2 Milk Company Ltd (ASX: A2M)
The A2 Milk share price is down 8% to $6.52. This follows the release of the infant formula company's half year results. Although the company delivered a solid result, its earnings may have still fallen a touch short of expectations. In addition, its guidance appears to have disappointed investors.
BlueScope Steel Limited (ASX: BSL)
The BlueScope share price is down 12% to $17.48. Investors have been hitting the sell button on Monday after the steel producer released its half year results and reported a 64% decline in net profit after tax to $1.64 billion. Softening customer demand weighed on the company's performance.
NIB Holdings Limited (ASX: NHF)
The NIB share price is down 10% to $7.15. This has been driven by the release of the private health insurer's half year results. Although NIB reported a 12.8% increase in net profit after tax to $91.6 million, this was well short of the consensus estimate of $110 million. NIB declared a 13 cents per share interim dividend, which was in line with expectations.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is down 5% to $4.21. Investors have been selling Pilbara Minerals and other lithium shares on Monday following a selloff of their Wall Street peers on Friday. This was driven by news that the world's largest electric vehicle battery maker is offering discounts to Chinese automakers. Investors appear to be interpreting this as a sign that high lithium prices have been and gone.
