In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small decline. The benchmark index is currently down 0.1% to 7,314.2 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 4% to $5.49. This morning, A2 Milk revealed that it has lowered its total forecast production volume needs for English label consumer-packaged infant milk formula by ~1,650 metric tonnes for the period March through to June. This is due to significant daigou weakness, inventory build-up, and distribution model adjustments.
Mesoblast Ltd (ASX: MSB)
The Mesoblast share price is down almost 12% to 87.5 cents. This follows news that Mesoblast has undertaken a private placement to its existing major US, UK, and Australian shareholders. The biotech company raised approximately US$40 million at a discount of 85 cents per share.
Mineral Resources Ltd (ASX: MIN)
The Mineral Resources share price is down 9% to $72.91. Although the mining and mining services company just reported a record quarter for its lithium operations, its mining services business had a very tough time. This has seen the company downgrade its guidance accordingly. Management also warned that its lithium operations are likely to achieve only the low-end of their guidance range.
Synlait Milk Ltd (ASX: SM1)
The Synlait Milk share price has crashed 20% to $1.50. This morning, this dairy processor downgraded its full-year earnings guidance by NZ$20 million less than a month after releasing it to the market. It now expects earnings in the range of a NZ$5 million loss to a NZ$5 million profit. This was driven largely by A2 Milk's reduced demand for infant formula.
