Shares of investment management firm Challenger (ASX:CGF) took a steep downward turn, dropping as much as 5.9% to A$6.55.

This marks the biggest percentage loss the company has observed since March 14.

The share price also plummeted to its lowest level since July 13.

Challenger revealed a FY23 net profit attributable figure of A$287.5 million in comparison to last year’s A$253.7 million, while the company’s FY income from ordinary activities stood at A$2,459.3 million versus A$1,212.7 million.

For FY24, Challenger is aiming for a normalised net profit before tax between A$555 million and A$605 million.

Institutional broker Citi observes this guidance as a tad ‘softer’ than previous expectations.

The financial firm sees the result as a mixed bag, with the FY23 outcome somewhat exceeding expectations but the FY24 guidance coming up a bit short.

This year, the share price of Challenger has declined by 8.7%, as of the last closing.

Challenger is an investment management firm specializing in retirement income products and financial planning.