Shares of ASX slipped as much as 10.1% to A$60.74, hitting their lowest since Jan. 16, 2019.
The operator forecast its capital expenditure to come in between A$110 million ($72.74 million) and A$140 million for fiscal 2024, and revised its fiscal 2023 expense growth outlook to 12% - the top-end of its previous view.
ASX has earmarked higher expenses to replace its Clearing House Electronic Subregister System (CHESS) software, for which the stock exchange operator submitted a report on Monday.
"The new five-year strategy at face value seems to have relatively modest aspirations with management recognising a reset is required," Citi analysts said in a note.
ASX has also revised its dividend payout ratio policy to a range of between 80% and 90% of its underlying net profit after tax lowered from a 90% flat ratio maintained last year.
($1 = 1.5122 Australian dollars)
(Reporting by Navya Mittal in Bengaluru; Editing by Sherry Jacob-Phillips)
By Navya Mittal