Why Baby Bunting, Humm, Liontown, and Star shares are sinking today

These ASX shares are having a rough time on Tuesday. But why?

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small decline. At the time of writing, the benchmark index is down 0.2% to 7,650.3 points.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

Baby Bunting Group Ltd (ASX: BBN)

The Baby Bunting share price is down 12% to $1.65. Investors have been selling the baby products retailer's shares after it released its half-year results. Baby Bunting reported a 2.5% decline in sales to $248.5 million and a 31% decline in pro forma net profit after tax to $3.5 million. This led to the company cutting its dividend by a third to 1.8 cents per share.

Humm Group Ltd (ASX: HUM)

The Humm share price is down 21% to 55 cents. This follows the release of the financial services company's half-year results. Humm reported a 27% decline in normalised cash profit after tax to $28.1 million. The company's profits were hit by an interest expense increase of $61.7 million.

Liontown Resources Ltd (ASX: LTR)

The Liontown share price is down 7% to $1.17. Investors have been selling this lithium developer's shares on Tuesday after it was downgraded by analysts at Citi. In response to a recent rally, the broker has downgraded Liontown's shares to a sell rating with a $1.00 price target.

Star Entertainment Group Ltd (ASX: SGR)

The Star share price is down 22% to 43.5 cents. This follows news that the NSW Independent Casino Commission is launching another inquiry. The company explained: "The NICC has informed The Star that the purpose of the Inquiry is to assist the NICC in forming a view as to what, if any, action the NICC should take in respect of The Star Sydney Pty Ltd (The Star Sydney) prior to the end of the manager's appointment on 30 June 2024."

Citigroup is an advertising partner of The Ascent, a Motley Fool company. 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 recommended Humm Group. 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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