The market appears slightly downcast on Monday. The All Ordinaries Index (ASX: XAO) is slipping 0.3% at the time of writing, no thanks to three shares posting falls of 10% and more.
So, whatâs weighing so heavily on the trio of stocks? Letâs take a look.
3 ASX All Ordinaries stocks plunging on Monday
The first All Ordinaries stock suffering at the hands of the market on Monday is Galan Lithium Ltd (ASX: GLN). It’s tumbling 10% right now to trade at $1.08.
It follows the completion of the companyâs institutional capital raise, which saw $31.5 million committed to the cause.
New shares were offered to intuitional investors for $1.05 apiece under the raise, with the cash going towards the companyâs Hombre Mueto West project. It will also help provide contingency funding for work at its Greenbushes South project.
Also in the red on Monday is the share price of City Chic Collective Ltd (ASX: CCX). The All Ordinaries clothing retail stock is tumbling 11.7% to trade at 34 cents right now.
It comes as the company updates the market on its debt facility, the progression of its strategic review, and its trading over the 45 weeks to 14 May.
Amendments to its debt facility are expected to provide the working capital necessary to return the business to profitable growth through the next financial year. Meanwhile, the company has decided to accelerate its inventory unwind.
Finally, City Chic revealed its sales slumped 15.2% year-on-year over the 45 weeks to 14 May to $262.2 million. Though thatâs up 16.4% on the same period of financial year 2021.
Finally, Tyro Payments Ltd (ASX: TYR) shares are the worst performing on the All Ordinaries right now. They’re plummeting 18.2% to trade at $1.25.
The fall comes as the company announced Potentia Capital Management has scrapped takeover talks with the payments provider.
Potentia previously put forward a $1.60 per share bid, which was rejected by Tyroâs board.
However, the private equity firm was granted due diligence in January in hopes pouring over the ASX All Ordinaries companyâs books would see it up its offer.
The post Monday blues: 3 ASX All Ordinaries shares crashing 10% or more today appeared first on The Motley Fool Australia.
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More reading
- Why Galan Lithium, Metcash, Tyro, and Zip shares are falling today
- Why is this ASX lithium share crashing over 10% today?
- Tyro share price plummets 18% as suitor abandons takeover talks
- Tyro share price leaps amid Apple Pay news
- Tyro share price slumps despite cost reductions delivering earnings guidance upgrade
Motley Fool contributor Brooke Cooper 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 Tyro Payments. The Motley Fool Australia has recommended Tyro Payments. 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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