Why Bigtincan, Nanosonics, Origin, and Tyro shares are sinking today

The S&P/ASX 200 Index (ASX: XJO) is having a tough start to the week. In afternoon trade, the benchmark index is down 0.7% to 7,162.3 points.

Four ASX shares that are falling more than most today are listed below. Here’s why they are sinking:

Bigtincan Holdings Ltd (ASX: BTH)

The Bigtincan share price is down a further 6% to 53 cents. This sales enablement platform provider’s shares have been smashed in recent sessions after the company’s strange decision to raise capital while it is the subject of a takeover approach. Bigtincan raised $30 million at 60 cents per share despite having received an 80 cents per share takeover offer.

Nanosonics Ltd (ASX: NAN)

The Nanosonics share price is down 13% to $4.22. This is despite there being no news out of the heavily shorted infection prevention company. Though, it is worth noting that a major shareholder revealed that it has been selling down its stake. State Street sold over 3.5 million shares last week.

Origin Energy Ltd (ASX: ORG)

The Origin share price is down almost 8% to $7.20. Investors have been selling Origin and other utilities shares in response to news that Prime Minister Anthony Albanese is planning a price cap on domestic coal and gas sales. Energy Minister Chris Bowen said: “It’s Australian gas, under Australian soil and Australians should not be paying elevated war prices for that gas.”

Tyro Payments Ltd (ASX: TYR)

The Tyro share price is down over 17% to $1.23. This morning Tyro concluded takeover talks with Potentia and Westpac Banking Corp (ASX: WBC) after failing to receive an acceptable offer from either party. Potentia had increased its offer to $1.60 per share, but this was swiftly rejected. Westpac never actually tabled an offer, potentially after realising that its idea of fair value was well short of what Tyro expected.

The post Why Bigtincan, Nanosonics, Origin, and Tyro shares are sinking today appeared first on The Motley Fool Australia.

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More reading

• Westpac share price slumps as Tyro takeover scrapped
• Tyro share price crashes 22% after ending takeover talks with Westpac and Potentia
• Here are the 10 most shorted ASX shares
• Why Bigtincan, Core Lithium, Pinnacle, and Warrego shares are dropping today
• Why is ASX tech share Bigtincan crashing 20% on Friday?

Motley Fool contributor James Mickleboro has positions in Westpac Banking. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Bigtincan, Nanosonics, and Tyro Payments. The Motley Fool Australia has positions in and has recommended Bigtincan and Nanosonics. The Motley Fool Australia has recommended Tyro Payments and Westpac Banking. 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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