The S&P/ASX 200 Index (ASX: XJO) is out of form and sinking deep into the red. In afternoon trade, the benchmark index is down 1.3% to 6,942.4 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Avita Medical Inc (ASX: AVH)
The Avita Medical share price is down 20% to $3.60. Investors have been selling this medical device company's shares after it was dealt a blow by the US FDA. The regulator has asked for more information regarding its Recell Go product. This request places the application file on hold for approximately 4 to 6 months while it addresses the FDA's questions.
Delta Lithium Ltd (ASX: DLI)
The Delta Lithium share price is down almost 6% to 73 cents. This morning, this lithium explorer released an updated mineral resource estimate (MRE) for the Mt Ida project. It has upgraded its combined inferred and indicated MRE to 14.6Mt at 1.2% Li2O. Delta Lithium's indicate mineral resources are up 136% to 7.8Mt at 1.3% Li2O. The market appears to have been expecting an even greater MRE.
Santos Ltd (ASX: STO)
The Santos share price is down almost 4% to $7.56. Investors have been selling Santos and other ASX energy shares today after oil prices pulled back overnight. Traders were taking profit after some strong gains recently and amid concerns over demand due to rising interest rates.
West African Resources Ltd (ASX: WAF)
The West African Resources share price is down 6% to 73 cents. This gold miner's shares are falling despite the announcement of a memorandum of understanding with Orezone Gold Corporation. The two parties will investigate synergies on their respective mining projects that could unlock significant value for all stakeholders. Both miners operate independently in Burkina Faso.