In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is out of form and on course to record a small decline. At the time of writing, the benchmark index is down 0.5% to 8,715.7 points.

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

Bapcor Ltd (ASX: BAP)

The Bapcor share price is down 28% to $3.65. Investors have been selling the auto parts retailer's shares following the release of a disappointing trading update. Bapcor revealed that its second half performance was below expectations, particularly in May and June. As a result, sales are expected to be down 1.4% to $1,944.3 million in FY 2025. Things will be much worse for its earnings, with management expecting to report a pro forma net profit after tax of $81 million to $82 million. This is down 13.5% to 14.5% year on year. This time last year, Bapcor rejected a $5.40 cash per share takeover offer from Bain Capital.

Boss Energy Ltd (ASX: BOE)

The Boss Energy share price is down 4% to $3.58. This follows news that the uranium producer's CEO has decided to step down. Duncan Craib informed the Boss Energy board that he will step down as managing director and CEO as of 30 September 2025. He will be replaced by COO, Matt Dusci. The company's chair, Wyatt Buck, said: "Under Duncan's leadership, Boss has generated considerable growth for its shareholders and has transitioned from an exploration and development company to an ASX200 listed company."

Macquarie Group Ltd (ASX: MQG)

The Macquarie Group share price is down almost 5% to $214.55. The catalyst for this has been the release of an underwhelming first quarter update from the investment bank today. Macquarie revealed that its first quarter net profit contribution was down on the prior corresponding period. It notes that this reflects an improved performance in Banking and Financial Services and Macquarie Capital, which was more than offset by lower contributions from Macquarie Asset Management and Commodities and Global Markets.

Novonix Ltd (ASX: NVX)

The Novonix share price is down 5% to 55.5 cents. This morning, this battery materials technology company announced that it is raising funds through a convertible note offering. Novonix is using up to US$100 million of unsecured convertible debentures via a multi-tranche funding agreement. Management advised that the proceeds will provide additional capital for the continued build-out of its Riverside facility in Chattanooga, Tennessee and for general corporate purposes.