Agribusiness firm Elders (ASX:ELD) records a substantial drop, with shares falling as much as 13.9% to A$6.130, the biggest intraday percentage drop since May 15.

Elders thus ranks among the top losers in the ASX 200 benchmark index.

It’s also currently at its lowest level since June 26.

The company is now anticipating FY23 underlying EBIT between A$165 mln and A$175 mln, a reduction from the former projection of A$180 mln to A$200 mln.

This is compared to last year’s underlying EBIT of A$232 mln.

The reduction in outlook is attributed to below-target rural product sales, margin pressure, and declining cattle and sheep prices.

Elders also notes caution in customer sentiment.

As of the last close, Elders shares have decreased around 30% this year, compared to the 1.6% increase of the ASX 200 benchmark index.

Elders is a leading Australian agribusiness firm involved in the production and sale of livestock and agricultural products.