In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. The benchmark index is currently up 0.1% to 7,689.5 points.

Four ASX shares that have failed to climb with the market today are listed below. Here's why they are falling:

The Chalice Mining share price is down 8% to $1.18. Investors have not responded positively to the release of an update from the mineral exploration company after the market close on Tuesday. Chalice Mining advised that it has updated the mineral resource estimate for the Gonneville high-grade sulphide resource. It also notes that its new resource model forms the basis for selective open-pit and underground mining, to be investigated in a high-grade scoping study starter case. Investors appear to have been expecting a better mineral resource estimate.

The Cleanaway Waste Management share price is down 11.5% to $2.66. This morning, this waste management company responded to media speculation and denied that it has received a takeover approach from Seven Group Holdings Ltd (ASX: SVW). As a result, given that Cleanaway's shares jumped at the end of yesterday's session due to the speculation, they have now given back these gains. It said: "Cleanaway confirms that it is not in any discussions with SGH in relation to any form of corporate transaction or otherwise, nor has it received an approach or offer from SGH."

The Kogan share price is down 26% to $5.22. This has been driven by the release of the e-commerce company's third-quarter update. Kogan reported declines in gross sales and revenue, as well as a quarter on quarter fall in active customers. But perhaps the main reason for the selling has been the company's cash balance. At the end of the period, Kogan had a cash balance of $34.1 million. This is down by a massive $49.2 million from $83.3 million at the end of December. And while the company is undertaking an on-market share buyback, it only spent $5.8 million on this program during the three months.

The Perpetual share price is down 3.5% to $23.83. This follows the release of the fund manager's third-quarter update. While the company's performance was relatively positive during the three months, management's commentary on its expense guidance could be taking the shine off things. It said: "FY24 total expense growth is now expected to be in the range of 32% – 34%. The devaluation of the Australian dollar relative to the US dollar and British pound since December 2023 has had a material impact on the expense guidance."