In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week in the red. At the time of writing, the benchmark index is down 1.7% to 8,726.5 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Macquarie Group Ltd (ASX: MQG)
The Macquarie share price is down 1.5% to $238.24. This follows the release of the investment bank's full-year results, which have been overshadowed by a market selloff. Macquarie reported net profit after tax of $4.85 billion for FY 2026, which is up 30% on FY 2025. This was driven by a very strong second half, with net profit coming in at $3.19 billion. This was a record half-year result and represented a 93% increase on the first half.
QBE Insurance Group Ltd (ASX: QBE)
The QBE Insurance share price is down 1.5% to $22.28. Investors have been selling the insurance giant's shares following the release of its quarterly update. QBE reported gross written premium (GWP) growth of 11% year-on-year. However, taking some of the shine off the result was its net cost of catastrophe claims. It was approximately $300 million for January to April. This reflects multiple events in Australia and storms in the Northern Hemisphere.
Tabcorp Holdings Ltd (ASX: TAH)
The Tabcorp share price is down a further 10% to 79 cents. Investors have been selling this gambling company's shares amid news that it has become the subject of an AUSTRAC enforcement investigation. This relates to anti-money laundering and counter-terrorism financing compliance. AUSTRAC has stated that the investigation is at an early stage and its approach will be determined once sufficient evidence has been collected and assessed. Tabcorp's CEO, Gillon McLachlan, said: "I am committed to leading a compliant and safe company that understands its risk obligations. Uplifting our risk capability has been an ongoing part of the Company's transformation and we will work constructively with AUSTRAC through this process."
Westpac Banking Corp (ASX: WBC)
The Westpac share price is down 4% to $37.70. This has been driven by the banking giant's shares going ex-dividend this morning. This month, the big four bank released its half-year results and declared a 77 cents per share fully franked dividend. Eligible shareholders can now look forward to receiving this next month on 26 June.
