Why Azure Minerals, Magellan, Weebit Nano, and Winsome shares are tumbling today

These ASX shares are having a tough start to the week on Monday.

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The S&P/ASX 200 Index (ASX: XJO) is having a solid start to the week. In afternoon trade, the benchmark index is down 0.4% to 6,982.3 points.

Four ASX shares that have failed to follow the market's lead today are listed below. Here's why they are falling:

Azure Minerals Ltd (ASX: AZS)

The Azure Minerals share price is down 12% to $2.10. Investors have been selling this lithium explorer's shares following the release of testwork results from the 60% owned Andover project. The release reveals that whole-of-ore flotation produces marketable spodumene concentrate with a grade of 5.59% Li2O at a recovery of 82.37%. While this is promising, it is worth highlighting that the testwork is from only one of three samples.

Magellan Financial Group Ltd (ASX: MFG)

The Magellan share price is down a further 5% to $6.81. Investors have been selling this fund manager's shares since it released a disappointing monthly funds under management (FUM) update. Magellan's total FUM fell 10% from $39 billion to $35 billion over the course of September.

Weebit Nano Ltd (ASX: WBT)

The Weebit Nano share price is down almost 9% to $2.85. This semiconductor company's shares have come under significant pressure in recent weeks and are now down by almost a third since this time last month. Short sellers have been going after the meme stock on the belief it could be another Brainchip Holdings Ltd (ASX: BRN) – all hype and no substance.

Winsome Resources Ltd (ASX: WR1)

The Winsome share price is down 12% to $1.20. This morning, this Canada-based lithium exploration company announced the completion of a $34 million equity raising. While these funds were raised at a significant premium to the prevailing share price, this was thanks to tax regulations in Canada. The shares have then been sold by a secondary sale at a discount of $1.22 per share.

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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