Shares in Australia’s E&P Financial (ASX:EP1) took a hit, recording a drop of as much as 9.4% to A$0.385–the lowest figure since April 20.

If the downward trend continues, it could register the worst day for the stock since June 15.

The crisis followed on the heels of a complaint filed in the Federal Court of Australia by the nation’s corporate regulator ASIC.

ASIC legally charged an E&P officer, informing the official of the initiation of legal action against them.

E&P has clarified that both the parent company and its subsidiaries do not feature as parties in the regulatory tussle.

As of the last close, the company’s shares have already witnessed an 18.3% plunge this year.

E&P Financial Group (ASX:EP1) is a major player in the financial services sector, primarily based in Australia.