Shares of the Sydney-based toll road company, Atlas Arteria (ASX:ALX), fell dramatically by up to 5.4% to A$5.430, a record low since May 2021.

The significant drop could result in the company’s worst day since September 2022, given the losses sustain.

Atlas Arteria’s French highway might be subjected to a new annual tax, following the release of France’s 2024 budget plan.

The proposed bill includes a new tax to be effective from 2024, specifically targeting companies that handle long-haul transport infrastructure.

Atlas Arteria, owning approximately a 31% stake in France’s 2,318-km Autoroutes Paris-Rhin-Rhone (APRR) tollway, is expected to feel the impact.

As of the last close, the company’s shares were down by 13.2% Year To Date.

Atlas Arteria is a company headquartered in Australia, specializing in developing toll road infrastructure.