In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week deep in the red. At the time of writing, the benchmark index is down a sizeable 1.1% to 7,631.3 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is down 5.5% to $3.94. This follows broad weakness in the lithium industry on Friday, which has seen most lithium shares record sizeable declines. Not even an announcement that revealed an improvement in the price Pilbara Minerals is receiving for its lithium spodumene concentrate has been able to stop the rot today.
Syrah Resources Ltd (ASX: SYR)
The Syrah share price is down 20% to 55.5 cents. Investors have been selling this graphite producer's shares after it announced the completion of another capital raising. Syrah has successfully completed a fully underwritten institutional placement and the accelerated institutional component of its 1 for 10.2 pro rata accelerated non-renounceable entitlement offer. This has raised $80 million at a fixed price of $0.55 per new share. That represents a 21% discount to its last close price.
Tabcorp Holdings Ltd (ASX: TAH)
The Tabcorp share price is down 6% to 72 cents. This follows news that after the gambling company's CEO, Adam Rytenskild, has resigned. This has been caused by claims of "inappropriate and offensive language used by Mr Rytenskild in the workplace." Though, the outgoing CEO said that he didn't "recall making the alleged comment." Maritana Partners has commenced a global search for a new managing director and CEO. In the meantime, the company's chair, Bruce Akhurst, has agreed to take on additional duties as executive chairman with immediate effect.
Westpac Banking Corp (ASX: WBC)
The Westpac share price is down 2% to $25.98. Investors have continued to sell Westpac and other ASX bank shares on Friday. The catalyst for this is likely to have been a broker note out of Macquarie on Thursday. Its analysts called time on the banking sector rally and put the equivalent of sell ratings on all of the big four banks. Macquarie now has an underperform rating on Westpac's shares with a $26.00 price target. This is broadly in line with where its shares trade following two sessions of declines in a row.
