The S&P/ASX 200 Index (ASX: XJO) has followed Wall Street's lead and dropped into the red. In afternoon trade, the benchmark index is down 0.8% to 7,149.3 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
IGO Ltd (ASX: IGO)
The IGO share price is down over 6% to $13.29. This has been driven largely by the battery materials producer's shares going ex-dividend this morning for its final and special dividends. Eligible shareholders can look forward to receiving its fully franked final dividend of 44 cents per share and special dividend of 16 cents per share later this month on 28 September.
Leo Lithium Ltd (ASX: LLL)
The Leo Lithium share price is down 4.5% to 49.2 cents. Investors have been selling this lithium developer's shares this month due to concerns over regulatory risks in Mali. This has seen the Leo Lithium share price drop 60% over the last two months.
Medibank Private Ltd (ASX: MPL)
The Medibank share price is down almost 3% to $3.49. This has also been driven by the private health insurer's shares going ex-dividend this morning. Eligible shareholders can look forward to receiving its fully franked 8.3 cents per share final dividend on 5 October.
Novonix Ltd (ASX: NVX)
The Novonix share price is down 5% to 71 cents. This means that the battery materials technology company's shares have now given back all of yesterday's gains and dropped to a new 52-week low. Novonix's shares are down a very disappointing 70% over the last 12 months. Investors don't appear to see the company becoming profitable any time soon.