The S&P/ASX 200 Index (ASX: XJO) is out of form on Tuesday and dropping into the red. At the time of writing, the benchmark index is down 0.6% to 8,488.2 points.

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

Challenger Ltd (ASX: CGF)

The Challenger share price is down 10% to $5.52. The catalyst for this was the release of the annuities company's half year results this morning. Challenger revealed a 12% increase in normalised net profit after tax to $225 million and a statutory net profit after tax of $72 million. Goldman Sachs wasn't impressed. It said: "The 1H25 normalised NPAT was slightly softer than expected at ~2%. Statutory profit was very weak driven by more adverse asset experience, particularly property and alternatives. The weaker normalised result was driven by a weaker COE margin (some timing differences that could support 2H but still weaker) – a key focus will be on how this will track into 2H25 and FY26+."

Reliance Worldwide Corporation Ltd (ASX: RWC)

The Reliance share price is down 5% to $5.11. This plumbing parts company's shares have come under pressure following the release of its half year results. Boosted by the acquisition of Holman, Reliance reported a 14.8% increase in net sales to US$676.5 million and a 12.3% lift in adjusted net profit after tax to US$76 million. However, its guidance for the remainder of the financial year disappointed. Goldman Sachs said: "Excluding Holman and Supply Smart – full year group external sales are expected to be flat (+/- LSD%), which compares with GSe growth of 3%."

Resimac Group Ltd (ASX: RMC)

The Resimac share price is down 12% to 91 cents. This has been driven by the release of the non-bank lender's first half results. Resimac posted a 12% decline in normalised net profit after tax to $15 million for the half. It also revealed that its asset finance portfolio experienced an increase in arrears and recorded net write-offs of $6.5 million, compared to $2.9 million for the previous period. In light of this, management warned: "Based on the recent experience with arrears, net write-offs, and the subsequent impact on collective provisioning, it is probable that the Group will not meet NPAT (excluding FV movements on derivatives) consensus for FY25."

SRG Global Ltd (ASX: SRG)

The SRG Global share price is down 5% to $1.35. Investors have been selling this diversified infrastructure services company's shares after its FY 2025 guidance disappointed. After delivering strong sales and earnings growth in the first half, management has upgraded its EBITDA guidance to a range of $125 million to $128 million. However, analysts at Bell Potter were looking for the company to upgrade its EBITDA guidance to $128.5 million for the full year.