Shares of Downer EDI (ASX:DOW) fell nearly 6% to A$4.17, reaching their lowest point since July 10.

This marked the company’s largest intraday percentage drop since February 27, cementing it as the largest percentage loser on the benchmarking ASX 200.

Downer EDI, the Australian contractor, foresees posting a statutory net loss after tax of about A$386 million.

The loss results from impairment charges.

Furthermore, Downer EDI signaled A$549.6 million in non-cash, pre-tax impairment charges for the fiscal year ending June 30, 2023.

Despite this setback, the company’s stock had seen a gain of 19.4% this year, prior to its most recent close.

Downer EDI is an Australian contractor known for its infrastructure and project management services.