It has been another tough day for Glanbia shares on Thursday following a 15% plunge on Wednesday. Shares are now down 22% since Tuesday.

The shares closed on Wednesday at €11.80, down from €14 the day before. On Thursday they traded for most of the day below €11 and as low as €10.80 for a while, before recovering somewhat in late afternoon, trading back towards €11.

The shares are now down 40% from highs of €19 in March. This is the lowest level Glanbia shares have traded since October 2014.

More than €2.3bn has now been wiped off the value of the plc since March. With the co-op owning 31.5% of the plc, that sees the co-op taking a €800m hit on the value of its stake in the plc.

The reason for the sharp fall in the share price is a weaker than expected set of results for the first half of Glanbia’s 2019 financial year. In the results the company issued a profit warning, with a reduced outlook for its full-year profits.

The profit warning comes after a weak set of first-quarter numbers. The half-year results showed a 30% fall in profits at the performance nutrition division.