By Navya Mittal

ASX Ltd lifted its capital expenditure outlook for fiscal 2024 on Tuesday, sending shares of the Australian bourse operator on track for their worst day since August 2012, if losses hold.

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)