The S&P/ASX 200 Index (ASX: XJO) is having a much better session on Tuesday. In late afternoon trade, the benchmark index is up 0.95% to 7,917.7 points.

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

HMC Capital Ltd (ASX: HMC)

The HMC Capital share price is down almost 4% to $6.00. This morning, the investment company revealed that it expects to receive a ~$150m distribution from HMCCP Fund I following the realisation of substantial profit from portfolio investments in Sigma Healthcare Ltd (ASX: SIG) and Ingenia Communities Group (ASX: INA). It also provided a trading update and revealed that FY 2025 operating EPS (pre-tax) is currently tracking at 70 cents. As a result, its dividend per share guidance of 12 cents has been reaffirmed.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price is down a further 5.5% to $1.59. Investors have been selling this lithium miner's shares amid concerns over lithium prices and the impact they could have on profitability. It isn't just Pilbara Minerals shares that are falling today. A number of lithium miners are down in the low to mid-single digits as selling intensifies. The Pilbara Minerals share price is now down approximately 60% since this time last year.

Strickland Metals Ltd (ASX: STK)

The Strickland Metals share price is down 9% to 10 cents. This follows the release of an update on the mineral resource estimate for its Shanac gold-copper project. According to the release, the mineral resource estimate is 150Mt @ 1.1g/t AuEq for 5.30Moz. It seems that the market was expecting a stronger result. Though, the mineralisation is open along strike and at depth. As a result, management believes there could be upside to this estimate. In fact, it highlights that high-grade, gold-only intercepts to the north of the current resource footprint have not been followed up.

Tower Ltd (ASX: TWR)

The Tower share price is down over 10% to $1.21. This has been driven by news that Bain Capital is selling down its holding in full. The release states: "Tower Limited has received confirmation from Bain Capital that the full shareholding of 68,306,802 shares in Tower (held by Dent Issuer Designated Activity Company) has been allocated to investors as further set out in its substantial product holder notice dated 1 April 2025."