The S&P/ASX 200 Index (ASX: XJO) is out of form and trading lower on Thursday. In afternoon trade, the benchmark index is down 0.6% to 8,338.5 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Dexus (ASX: DXS)
The Dexus share price is down 3.5% to $6.98. Investors have been selling the property developer's shares after it released another update on Australia Pacific Airports Corporation (APAC), which is the owner of Melbourne and Launceston Airports. Last week, it advised that it received a notice from the APAC Board alleging that it used a confidentiality deed poll and disclosed confidential information in the Dexus Bloc sale process. This would be in breach of the requirements under the APAC Shareholders' Deed. Today it has obtained an injunction against APAC. However, in exchange, it has committed to pay any damages that may arise in the event that its claim does not succeed.
Mayne Pharma Group Ltd (ASX: MYX)
The Mayne Pharma share price is down a further 3.5% to $4.39. This pharmaceutical company's shares have been sold off this week amid concerns that its takeover deal could collapse. This has been driven by the receipt of a notice from its suitor, Cosette Pharmaceuticals, alleging that a "Material Adverse Change" has occurred. This potentially gives Cosette the right to walk away from the $672 million deal. Cosette cited a combination of issues as the basis for its claim. This includes Mayne Pharma's recent earnings update, ongoing litigation with TXMD, and an FDA letter.
Nufarm Ltd (ASX: NUF)
The Nufarm share price is down a further 8% to $2.58. Investors have been selling this crop protection company's shares this week following the release of its half year results. Nufarm reported a 3% lift in revenue to $1,811 million but a 39% decline in statutory net profit after tax to $29.8 million. This was driven by its Seed Technologies business, which reported a 71% decline in underlying EBIT to $15.9 million. This reflects lower licensing revenues, lower margins in omega-3, and lower canola revenues in Australia.
Treasury Wine Estates Ltd (ASX: TWE)
The Treasury Wine share price is down 1.5% to $8.42. This may have been driven by a broker note out of Ord Minnett. According to the note, the broker has downgraded the wine giant's shares to a neutral rating with a $9.50 price target. It has concerns over rising headwinds and the announcement of a change of CEO.
