In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small decline. At the time of writing the benchmark index is down 0.1% to 6,733.2 points.
Four ASX shares that are falling more than most today are listed below. Hereâs why they are dropping:
Clinuvel Pharmaceuticals Limited (ASX: CUV)
The Clinuvel share price is down 7% to $19.87. This morning this biopharmaceutical companyâs shares were dumped out of the ASX 200 index at the quarterly rebalance. In other news, the company released its latest strategy update. But that clearly hasnât been enough to boost its shares today.
EML Payments Ltd (ASX: EML)
The EML share price is down almost 4% to 90 cents. This embattled payments companyâs shares were also kicked out of the ASX 200 index this morning following the quarterly rebalance. With its shares down over 70% this year, the companyâs market capitalisation has dropped to just over $330 million. This wasnât enough to make it a top 200 company.
Infomedia Limited (ASX: IFM)
The Infomedia share price is down 4.5% to $1.30. This morning the software provider to the automotive industry revealed that after 13 weeks of discussions, the TA Consortium has been unable to develop and submit a binding takeover offer. The consortium previously tabled a non-binding $1.70 cents per share offer.
Link Administration Holdings Ltd (ASX: LNK)
The Link share price is down 2.5% to $3.38. This has also been driven by a takeover update. On this occasion, the administration services provider announced this morning that it has rejected a revised takeover offer from Dye & Durham. The suitor revised its offer after coming to the view that it cannot accept conditions set by the UK regulator to complete the deal as it was.
The post Why Clinuvel, EML, Infomedia, and Link shares are dropping today appeared first on The Motley Fool Australia.
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More reading
- The ASX 200 is getting a shakeup today. Here’s the tea
- Out in the cold: How are the ASX 200 evictees faring on Monday?
- Link share price down 4% with takeover close to hitting the rocks
- Link share price dips despite Foreign Investment takeover nod
- Here are the top 10 ASX 200 shares today
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended EML Payments, Infomedia, and Link Administration Holdings Ltd. The Motley Fool Australia has positions in and has recommended EML Payments. The Motley Fool Australia has recommended Infomedia. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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