Shares of Suncorp (ASX:SUN) experienced a decline of as much as 3.4% to A$13.56, marking their lowest point since July 14.

The reaction came forth as Australia’s competition regulator thwarted a $3.2 billion buyout of Suncorp’s (ASX:SUN) banking division planned by ANZ Group (ASX:ANZ).

The regulator cautioned that the purchase could intensify competition in the sector.

Suncorp (ASX:SUN) and ANZ Group (ASX:ANZ) share they will apply for a review at the Australian Competition Tribunal, a federal court branch that oversees takeover decisions.

ANZ Group (ASX:ANZ), conversely, posted gains of up to 1.6% to A$25.67.

Suncorp (ASX:SUN) records the largest intraday percentage drop since March 20, though it has seen a 16.6% increase overall this year, according to the last closing.

Suncorp (ASX:SUN) is a major financial services provider in Australia and New Zealand, delivering insurance, banking, and wealth products and services to consumers and businesses.