NAB, OFX, ORG, TLS: Four ASX-listed shares plunged despite rise in ASX 200

2 min read | November 14, 2023 06:19 PM AEDT | By Team Kalkine Media

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NAB, OFX, ORG, TLS: Four ASX-listed shares plunged despite rise in ASX 200 — Image source: Phongphan|Shutterstock

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Tuesday witnessed a surge in the S&P/ASX 200 Index, which demonstrated a strong rebound, climbing by 0.83% to close at 7,006.70 points, showcasing an impressive return to form.

However, amidst this market upturn, several ASX shares failed to mirror the overall positive trend and faced notable declines. Here are four ASX-listed companies experiencing a downturn:

National Australia Bank Ltd (ASX: NAB)

The NAB share price experienced a 0.32% decline, resting at AU$27.97 apiece. This plunge was driven by the banking giant's shares trading ex-dividend this morning in anticipation of its fully franked final dividend of 84 cents per share. Eligible shareholders can anticipate receiving this payout on 15 December, 2023.

OFX Group Ltd (ASX: OFX)

Shares of OFX took a significant hit, plummeting by 10.46% to AU$1.37. Investors opted to sell off holdings in this foreign exchange and international payments company following the release of its half-year results, which reported a slight decline in underlying EBITDA for the period.

Origin Energy Ltd (ASX: ORG)

Origin Energy faced a 3.19% drop in its share price, closing at AU$8.50 apiece. Investor skepticism regarding the completion of the energy giant's takeover seems to have prompted profit-taking today. AustralianSuper's recent disclosure of rejecting an unsolicited letter from the Brookfield and EIG consortium, coupled with their vote against the takeover, has led the super fund to express its belief that the offer substantially undervalues Origin's long-term worth.

Telstra Group Ltd (ASX: TLS)

Telstra's share price witnessed a 2.03% decline, reaching AU$3.87. The market response was less than favorable following a significant announcement made by the telecommunications giant earlier today. Telstra unveiled plans to construct five new "major routes" as part of its Intercity Fibre project. CEO Vicki Brady highlighted the pivotal role of connectivity in driving the economy, emphasizing the potential for digital technologies to redefine Australia's growth trajectory.

Despite the broader market's positive trajectory, these four ASX-listed companies grappled with significant downward movements, facing challenges that resulted in notable declines in their respective share prices.

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