New Zealand’s a2 Milk (ASX:ATM) shares significantly dropped, plunging by as much as 9% to NZ$4.870, hitting their lowest mark since August 10 of the previous year.

This is the worst intraday percentage drop the company has witnessed since the same day last year, making it the top loser in the S&P NZX 50 index.

The company anticipates a low single-digit revenue growth for the fiscal year 2024 in stark contrast to the solid 10.1% revenue growth it reported for fiscal year 2023.

They also issued a warning about the potential decline in China’s infant milk formula market due to the falling birth rate.

Today, over 1.3 million shares exchanged hands, surpassing the 30-day average of 336,478 shares.

a2 Milk (ASX:ATM) is a New Zealand-based dairy company specializing in premium-quality milk products.