In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decline. At the time of writing, the benchmark index is down 0.4% to 8,785.6 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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A2 Milk Company Ltd (ASX: A2M)
The A2 Milk Company share price is down 3% to $8.68. This has been driven by the infant formula company's shares going ex-dividend on Thursday. Last month, the company released its full year results and declared a final fully franked dividend of 11.5 New Zealand cents per share. This will be paid to eligible shareholders early next month on 3 October.
Larvotto Resources Ltd (ASX: LRV)
The Larvotto Resources share price is down 3% to 64 cents. This is despite the gold-antimony developer announcing the commencement of construction activities at its 100%-owned Hillgrove Antimony-Gold Project in New South Wales. Larvotto advised that MACA-Interquip-Mintrex (MIQM), has been awarded the Engineering, Procurement and Construction Management (EPCM) role for the processing plant upgrade. Managing director, Ron Heeks, commented: "Partnering with MACA-Interquip-Mintrex is a critical step in ensuring the Hillgrove upgrade is delivered correctly, safely and on time. The construction program will carry us through to mid-2026, culminating in commissioning and the restart of production."
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is down almost 5% to $10.02. This appears to have been driven by a broker note out of Macquarie Group Ltd (ASX: MQG) this morning. According to the note, the broker has downgraded the fund manager's shares to an underperform rating with an $8.65 price target. It said: "We see downside risks to cons, with our FY26E EPS 7% below due to lower associate profits, higher sub-advisory fees and lower distribution income. We also see risks to accelerated net outflows due to the Infrastructure PM's departure, fund rating reviews and poor relative fund performance."
Santos Ltd (ASX: STO)
The Santos share price is down almost 12% to $6.76. This follows the shock news that its proposed takeover by the XRG Consortium has collapsed. It stated: "On 15 September 2025 the Santos Board advised the XRG Consortium that Santos expected to enter into an SIA at the agreed offer price of US$5.626 if a binding proposal was received from the XRG Consortium on acceptable terms on or prior to 19 September 2025. In response the XRG Consortium notified the Santos Board yesterday evening of its decision to withdraw its Indicative Proposal and not proceed with the Potential Transaction."
