Insignia Financial (ASX:IFL) shares took a major hit, plunging as much as 15.8% to A$2.450, their lowest value since March 18, 2009.

The stock was last measured down by 10.7%, potentially marking its worst day since September 2020, if losses are sustained.

The company, a provider of financial services, reported a 15% year-over-year drop in its underlying net profit after taxes.

Insignia Financial emerges as one of the top losers on the S&P/ASX 200 benchmark index.

Interestingly, trading volumes have risen to 9.4 times the 30-day average of 1.5 million shares.

The stock has so far seen a roughly 13% fall this year, as of the last closing price.

Insignia Financial is a financial services provider based in Australia.