In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is out of form and has dropped deep into the red. At the time of writing, the benchmark index is down 1% to 7,294.4 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Nuix Ltd (ASX: NXL)
The Nuix share price is down almost 16% to $1.08. Investors have been selling this investigative analytics and intelligence software provider's shares after its former CEO appealed a recent court decision. Nuix is now being sued for $61 million plus interest.
Smartgroup Corporation Ltd (ASX: SIQ)
The Smartgroup share price is down over 5% to $6.29. The majority of this decline is attributable to the fleet management company's shares trading ex-dividend this morning for its 29 cents per share fully franked final dividend. Eligible shareholders can now look forward to receiving this dividend on 23 March.
Ventia Services Group Ltd (ASX: VNT)
The Ventia share price is down over 5% to $2.19. This follows news that CIMIC and Apollo have each sold approximately 93 million shares. Following the sale, the two parties will each hold approximately 21.9% of the issued share capital in the infrastructure services company. They have agreed to a customary 90 day escrow period in respect of their remaining Ventia shares.
Woodside Energy Group Ltd (ASX: WDS)
The Woodside share price is down over 7% to $34.87. This has also been driven by its shares trading ex-dividend on Wednesday. Last month, the energy giant declared a massive 211.3 cents per share fully franked final dividend. This will now be paid to eligible shareholders in a touch under a month on 5 April.