New Zealand’s Fonterra Co-Operative Group (ASX:FCG) faced its most severe decline day recently, ending 22.2% lower at a price of NZ$2.52.

This marks the company’s lowest mark since May 31, 2022.

Previously put on a halt on Tuesday, the shares have started trading ex-dividend once more.

In addition to the drop in share price, the dairy conglomerate has also lessened its forecast for farmgate milk prices for the second occasion in this month, in response to a faltering global dairy industry.

Its new anticipated pay lies in the region of NZ$6.00-NZ$7.50 per kilogram of milk solid (kgMS) for the 2023-24 season, a reduction from the past prediction of NZ$6.25-NZ$7.75 per kgMS.

According to Fonterra’s CEO, Miles Hurrell, a waning demand from crucial importing areas for whole milk powder is pressing down on prices.

Fonterra is a global dairy nutrition company owned by 10,000 farmers and their families.