In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up 0.1% to 7,400.7 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are tumbling lower:
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A2 Milk Company Ltd (ASX: A2M)
The A2 Milk share price is down 5.5% to $6.41. Today's decline appears to have been driven by regulatory concerns in China. This follows news of government crackdowns in the Chinese educational sector. Whether regulators take a look at the infant formula market, only time will tell. But there are fears that the government could use regulatory measures to favour domestic dairy brands.
Cann Group Ltd (ASX: CAN)
The Cann share price has crashed 16% to 32 cents. This follows the announcement of another capital raising by the cannabis company. Cann is aiming to raise a further $20 million at a discount of 27.5 cents per new share. Should the company complete this capital raising successfully, it will mean it has raised $138.2 million from investors since listing. Cann recorded sales of $4.3 million in FY 2021. It is raising these funds to help it deliver substantial cost savings as it ramps up production.
Flight Centre Travel Group Ltd (ASX: FLT)
The Flight Centre share price is down 3% to $14.45. This travel agent's shares have come under pressure recently amid concerns that the Delta variant of COVID-19 could push back the travel market recovery and lead to Flight Centre burning through significantly more cash than previously hoped.
GPT Group (ASX: GPT)
The GPT share price is down 2.5% to $4.63. Investors have been selling the property company's shares after it withdrew its guidance for FY 2021. According to the release, GPT has withdrawn its Funds From Operations (FFO) and distribution guidance for 2021 due to uncertainty caused by COVID-19 lockdowns in Melbourne and Sydney.
