The S&P/ASX 200 Index (ASX: XJO) is having a very difficult time on Tuesday. In afternoon trade, the benchmark index is down 1.9% to 6,974.9 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Bank of Queensland Ltd (ASX: BOQ)
The Bank of Queensland share price is down over 4% to $6.39. Investors have been selling bank shares today amid concerns over the collapse of Silicon Valley Bank last week. The regional players have been hit particularly hard on contagion fears.
Brainchip Holdings Ltd (ASX: BRN)
The Brainchip share price has crashed a further 8% to a new 52-week low of 46 cents. This struggling semiconductor company's shares have been hammered since it revealed second-half revenue of just US$250,000 last month. And with a market capitalisation of just under $900 million, there could still be plenty more declines to come. No wonder short sellers are loading up on the meme stock.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is down 5% to $3.69. This has been driven by the broad market weakness today, with higher risk assets getting hit hardest. And given how high up the risk curve lithium shares are, it isn't surprising to see Pilbara Minerals and its peers come under pressure.
Yancoal Australia Ltd (ASX: YAL)
The Yancoal share price is down 14% to $5.87. The catalyst for this was the coal miner's shares going ex-dividend this morning. Last month, thanks to strong coal prices, the coal miner delivered a bumper profit and declared a massive 70 cents per share fully franked final dividend. This represents a 10.2% yield based on its last close price.
