In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is having a subdued session on Wednesday. In afternoon trade, the benchmark index is down 0.1% to 8,259 points.

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

Aristocrat Leisure Ltd (ASX: ALL)

The Aristocrat Leisure share price is down 13% to $59.28. This follows the release of a half year result from the gaming technology company that fell short of expectations. Goldman Sachs commented: "ALL reported 1H25 Revenue/EBITA/NPATA/EPSA that was +9%/+11%/+6%/+8% vs. pcp to A$3,035mn/A$1,052m/A$733mn/A$116cps, which was -4%/-4%/-8%/-9% vs. our estimates and -5%/-6%/-9%/9% vs. Visible Alpha Consensus Data." However, the broker believes this earnings miss was driven by timing issues and expects strong revenue and profit growth in the second half.

EBR Systems Inc (ASX: EBR)

The EBR Systems share price is down 3% to $1.14. This has been driven by the release of the medical device company's quarterly update. During the quarter, EBR Systems had net operating cash outflows of US$13.6 million (A$21.7 million). Though, it still has a strong balance sheet with cash, marketable securities, and restricted cash of US$52.8 million (A$84.5 million). In addition, EBR secured FDA approval for the WiSE CRT System in April. This is the world's first and only lead-less solution for left ventricular endocardial pacing, with sales expected to commence in the second half of 2025.

GQG Partners Inc (ASX: GQG)

The GQG Partners share price is down 3% to $2.32. This morning, this investment company's shares traded ex-dividend for its upcoming quarterly payout. This means the rights to the dividend are now locked in and new buyers won't be entitled to it. Last week, GQG Partners revealed plans to pay a 3.78 US cents (5.87 Australian cents) per share quarterly dividend. This equates to a 2.5% dividend yield based on yesterday's close price. It will be paid to eligible shareholders next month on 27 June.

Insignia Financial Ltd (ASX: IFL)

The Insignia Financial share price is down 15% to $3.39. This follows news that BGH Capital has withdrawn its $5.00 cash per share takeover offer for the financial services company. This is "due to the macro uncertainty caused by the volatility in global capital markets." And while CC Capital Partners is still in talks with the company over its own $5.00 per share offer, the market appears to believe that it is very unlikely that a deal will be reached. CC Capital Partners' exclusivity period ends tomorrow.