September was a relatively tough month for the S&P/ASX 200 Index (ASX: XJO). The benchmark index ended the period with a decline of 1.4%.
Unfortunately, some ASX 200 shares fell even harder than this and recorded significant declines.
Let's look at some of the worst-performing shares on the index during the month:
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Nine Entertainment Co Holdings Ltd (ASX: NEC)
The Nine Entertainment share price was the worst performer on the ASX 200 index in September with a decline of 27.5%. However, this wasn't driven by bad news. Rather, it was because the entertainment and media company's shares traded ex-dividend for its final and special dividends of FY 2025. Nine Entertainment declared a fully franked special dividend of 49 cents per share with its full year results in August. It made the move after receiving net cash proceeds of $1.4 billion for its stake in property listings company Domain.
IPH Ltd (ASX: IPH)
The IPH share price was out of form and tumbled 21.9% last month. This was despite there being no news out of the intellectual property (IP) services provider. Though, its shares have been under significant pressure since the release of its FY 2025 results in August. And with trading conditions remaining tough for IPH and its portfolio of IP services businesses, it seems that the market isn't expecting much improvement in FY 2026.
Bapcor Ltd (ASX: BAP)
The Bapcor share price wasn't far behind with a decline of 20.4% in September. This auto products company's shares have been on a downward trajectory in recent months due to its poor operating performance. The team at Morgans isn't in a rush to buy. It recently said: "Despite progress, ongoing underperformance within Retail/NZ (2H sales -5.9%/-4.6%) and weakness within Trade's 4Q (May/June market share losses) continued to significantly detract from earnings (2H NPAT -14%). While BAP is making progress on its turnaround program, the absence of a trading update/FY26 guidance, ongoing Board uncertainty, and expectations for a 2H earnings skew sees us preferring to wait for clearer evidence of an earnings base. HOLD."
HMC Capital Ltd (ASX: HMC)
The HMC share price was under pressure and tumbled 17.4% last month. This was despite there being no news out of the investment company. On this occasion, Morgans thinks this selling has created a buying opportunity. Its analysts said: "The current price essentially implies that HMC is ex-growth with a questionable NTA – a view we do not share. So, whilst re-rating of the stock remains contingent on these elements coming to fruition, we believe it to be highly achievable over the next 12 months."
