In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another decline. At the time of writing, the benchmark index is down 0.3% to 8,573.6 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
DroneShield Ltd (ASX: DRO)
The DroneShield share price is down almost 12% to $2.48. This may have been driven by profit taking from some investors after a very strong gain on Tuesday. Investors were buying the counter drone technology company's shares after it announced a new contract valued at $49.6 million for a European military end-customer. The contract is for handheld counter drone systems, associated accessories, and software updates. This isn't its first contract from this customer. DroneShield revealed that it has received a total of 15 contracts from this reseller worth over $86.5 million.
Graincorp Ltd (ASX: GNC)
The Graincorp share price is down 13% to $7.30. This morning, this grain exporter announced the sale of its Canadian joint venture, GrainsConnect Canada, to Parrish & Heimbecker for C$150 million on a cash-free, debt-free basis. This will lead to GrainCorp recognising a loss on sale of approximately $5 million to $10 million. Managing director and CEO, Robert Spurway, commented: "Divestment of GrainsConnect allows GrainCorp to focus on alternative value-creating opportunities that are in the best interests of our shareholders." The company also revealed that the 2025–26 east coast Australian winter harvest is now complete with receivals estimated to be 11 million to 12 million tonnes. This is down from 13.3 million tonnes in FY 2025.
Treasury Wine Estates Ltd (ASX: TWE)
The Treasury Wine share price is down 9% to $5.01. This morning, the struggling wine giant revealed that trading conditions have worsened and its performance is below expectations. The company's new CEO, Sam Fischer, said: "We are currently experiencing category weakness in the US and China, two of our key growth markets, which will impact our business performance in the near-term. Maintaining the strength of our brands and the health of their respective sales channels is of critical importance to our Management team and our Board as we navigate through the current environment."
Woodside Energy Group Ltd (ASX: WDS)
The Woodside share price is down 2% to $23.49. This energy giant's shares are falling today after oil prices dropped to their lowest levels since 2021. This appears to have been driven by optimism that Russia and Ukraine will soon sign a peace deal, which could mean Russian supply returns to the market.
