Why Atlantic Lithium, CBA, Piedmont Lithium, and Pilbara Minerals shares are dropping

These ASX shares are ending the week deep in the red.

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The S&P/ASX 200 Index (ASX: XJO) is on course to end the week deep in the red. In afternoon trade, the benchmark index is down 1.95% to 7,168.7 points.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

Atlantic Lithium Ltd (ASX: A11)

The Atlantic Lithium share price has crashed 20% to 52 cents. This has been driven by a short attack from Blue Orca. It alleges that Atlantic Lithium obtained key Ghana mining licenses by making secret payments and promises of payment to the immediate family of a high-level Ghana politician. Atlantic Lithium has denied these allegations.

Commonwealth Bank of Australia (ASX: CBA)

The CBA share price is down 3% to $95.93. Investors have been selling ASX bank shares on Friday after their US counterparts were sold off overnight on Wall Street. This was driven by concerns that rising interest rates could lead to large loan losses.

Piedmont Lithium Inc (ASX: PLL)

The Piedmont Lithium share price is down 6% to 82.5 cents. This is also due to the short attack from Blue Orca. It believes that Atlantic Lithium will lose its mining licences and not be able to supply Piedmont Lithium's Tennessee facility. The company also denied this and believes it could find alternative spodumene if necessary.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price is down 6% to $4.02. Investors have been selling Pilbara Minerals and other ASX lithium shares today after the price of the battery making ingredient continued to fall. Prices have fallen so much now that, according to the AFR, benchmark prices have dropped to a one-year low in China.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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