Shares of Macquarie Group fall as much as 4.7% to A$174.3, hitting lowest since July 11.

Stock last down, 4.38%, set for worst day since March 20, is loses hold.

Financial conglomerate flags lower quarterly profit weighed down by weak performance of its asset management and banking and financial services arms.

Assets under Management for its Macquarie Asset Management as at June 30 of A$864.2 bln ($584.80 bln) missed Morgan Stanley's estimate.

Morgan Stanley expects FY24 outlook consensus to lower post a weak trading update.

Brokerage however, sees MQG to be well placed to resume earnings growth in FY25.

Stock is among top loser on benchmark ASX 200.

MQG has gained 9.6% so far this year, as of last close.