The S&P/ASX 200 Index (ASX: XJO) is having a tough time on Wednesday and has dropped sharply lower. At the time of writing, the benchmark index is down 0.95% to 8,176 points.

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

Insignia Financial Ltd (ASX: IFL)

The Insignia Financial share price is down 3% to $3.23. This follows the release of the financial services company's guidance for FY 2025. Management has reaffirmed that it expects an FY 2025 group net revenue margin of 42.5 bps to 43.3 bps and operating expenses of $947 million to $952 million. Investors may have been betting on an improvement to this guidance.

Light & Wonder Inc (ASX: LNW)

The Light & Wonder share price is down 5% to $150.48. This morning, this poker machine developer released its quarterly update and revealed a 12% increase in revenue year on year. This was a touch short of consensus estimates. It also advised that it remains committed to its US$1.4 billion consolidated operating earnings target for FY 2025. Matt Wilson, President and Chief Executive Officer of Light & Wonder, said, "Our results once again reflect the relentless collective efforts of the talent across our organization underpinned by our robust and scalable R&D platform." 

Mineral Resources Ltd (ASX: MIN)

The Mineral Resources share price is down 5.5% to $35.58. This morning, the mining company released an update on its Bald Hill lithium mine located 50 kilometres south-east of Kambalda in the Goldfields region. According to the release, following a strategic review and in light of a prolonged period of low spodumene concentrate prices, Bald Hill will be safely transitioned into care and maintenance from this week. Management notes that the transition to care and maintenance will preserve cash and the value of Bald Hill's spodumene orebody for when conditions in the global lithium market improve.

Nuix Ltd (ASX: NXL)

The Nuix share price is down 21% to $5.99. This has been driven by the release of an update from the investigative analytics and intelligence software provider this morning. Nuix's CEO, Jonathan Rubinsztein, revealed that the company continues to target ~15% ACV growth in constant currency and positive underlying cash flow for FY 2025. However, he also warned that "Nuix's sales are not linear over the course of the year, and our current expectations are that growth will be weighted towards the second half of the fiscal year."