The S&P/ASX 200 Index (ASX: XJO) is out of form on Tuesday. In afternoon trade, the benchmark index is down 1.1% to 7,046.9 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Capricorn Metals Ltd (ASX: CMM)
The Capricorn Metals share price is down over 8% to $4.46. Investors have been selling this gold miner's shares due to a pullback in the gold price and some heavy insider selling. In respect to the latter, Capricorn Metals' executive chair Mark Clark sold $23 million of shares, whereas non-executive director Mark Okeby sold $9.2 million of shares.
Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is down 9% to 23.2 cents. Investors have been selling lithium shares again on Tuesday following a selloff on Wall Street. For example, lithium giant Sociedad Quimica y Minera de Chile SA (NYSE: SQM) tumbled 8% on the NYSE overnight. Falling lithium prices appear to be behind this.
Life360 Inc (ASX: 360)
The Life360 share price is down 4% to $7.47. This also appears to have been driven largely by some insider selling. According to the release, Life360 co-founder and CEO Chris Hulls has sold US$4 million (A$6 million) worth of shares. Hulls plans to diversify his holdings over the next five years in line with US market norms.
Mesoblast Ltd (ASX: MSB)
The Mesoblast share price is down 22% to 31.7 cents. This has been driven by the biotechnology company raising funds again. Mesoblast revealed that it has received firm commitments for an institutional placement and entitlement offer to raise $55 million at a 26% discount of $0.30 per new share. It will now seek to raise a further $42 million from retail shareholders at the same price.
