Westfield Group was issued with a 'please explain' by the Australian Securities Exchange yesterday after its share price fell to a one-year low.

The world's largest shopping centre owner has seen about $3 billion shaved off its market capitalisation in the past three days, taking it to about $24 billion.

A query came from the ASX after Westfield's securities went from $13.82 on Monday to an intraday low yesterday of $12.08. Westfield replied that it knew of no reason for the fall of about 12% since Tuesday.

Westfield has 119 malls worth $60 billion in the US, Britain and Australasia.

The Australian