The S&P/ASX 200 Index (ASX: XJO) is on course to end the week in the red. At the time of writing, the benchmark index is down 0.5% to 6,979.3 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Magnis Energy Technologies Ltd (ASX: MNS)
The Magnis Energy share price is down 42% to 4.7 cents. This follows news that its 73% owned iM3NY business has allegedly defaulted on its US$100 million senior secured term loan credit agreement with Imperium New York.
National Australia Bank Ltd (ASX: NAB)
The NAB share price is down 2% to $28.39. This morning, in response to the bank's full-year results, the team at Morgan Stanley retained its underweight rating with a trimmed price target of $26.50. Elsewhere, Macquarie held firm with its neutral rating with a slightly reduced price target of $28.00.
REA Group Ltd (ASX: REA)
The REA share price is down 2.5% to $155.53. This follows the release of the property listings company's first quarter update. Although the realestate.com.au operator delivered double-digit revenue and EBITDA growth, the latter was still short of expectations.
Wildcat Resources Ltd (ASX: WC8)
The Wildcat share price is down over 5% to 81 cents. Investors have been hitting the sell button after the lithium explorer announced the completion of a $100 million institutional placement. The company is raising the funds at an 11% discount of 76 cents per new share. Wildcat will use the placement proceeds for a number of activities. This includes exploration, drilling, resource evaluation, and business development at the exciting Tabba Tabba Lithium Project in Western Australia.