Smartgroup Corporation’s (ASX:SIQ) shares nosedived by as much as 16% to A$7.82, marking what could be its worst performance since December 16, 2019, if the day’s losses hold.

The employee management services company revealed its Half-Year adjusted after-tax net profit dropped by 9% to A$29.4 million.

In addition, an interim dividend of 15.5 Australian cents per fully franked share was declared.

An estimated 2 million shares were reported to be in circulation, which is more than triple the 30-day average of 643,898 shares.

The company’s stock is now at its lowest point since July 11.

Despite this, SIQ had reported an 86.5% year-to-date rise as of the last close.

Smartgroup Corporation (ASX:SIQ) is a company providing employee management services.