In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decent gain. At the time of writing, the benchmark index is up 0.25% to 8,825 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
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DroneShield Ltd (ASX: DRO)
The DroneShield share price is down a further 10.5% to $3.44. Investors have been selling this counter drone technology company's shares this week after it revealed that almost 44.5 million performance options were vested. These options have a value of $153 million based on its current share price. These performance options were vested after DroneShield achieved its performance hurdle of $200 million cash receipts in a 12-month rolling period. Commenting on the news, DroneShield's CEO, Oleg Vornik, said: "Performance Options align the DroneShield team and its investors, enabling DroneShield to attract the best talent and incentivise performance, whilst reducing the cash burden on the Company as it continues to rapidly grow."
James Hardie Industries plc (ASX: JHX)
The James Hardie share price was down 9.5% to $26.70 before being paused from trade. The building products company may have requested a pause in trading while it responds to a query from the stock exchange operator in respect to today's heavy decline in the absence of any news.
National Australia Bank Ltd (ASX: NAB)
The NAB share price is down 3.5% to $42.97. Investors have been selling this banking giant's shares after its FY 2025 results fell short of expectations. NAB's cash earnings came in at $7,091 million for the 12 months. This was down 0.2% on the prior corresponding period and was short of the consensus estimate $7,183 million. Commenting on the year, NAB's CEO, Andrew Irvine, said: "This reflects good momentum, particularly over 2H25, as we execute the first year of our refreshed strategy while maintaining prudent balance sheet settings. Cash earnings were broadly stable over the year. While credit impairment charges increased, pleasingly a number of key asset quality outcomes improved over 2H25, consistent with a supportive Australian economic environment."
Westpac Banking Corp (ASX: WBC)
The Westpac share price is down almost 2.5% to $39.28. This has been driven by the big four bank's shares going ex-dividend this morning for its latest payout. When this happens it means the rights to an upcoming dividend are locked in and new buyers won't be entitled to receive it when pay day comes around.
