Shares closed at C$8.62 on Tuesday. The shares started trading at C$13.50 when first listed. Shares have now lost more than one-third of their value since the company floated on the Toronto stock exchange in June.

There are some 2,000 Irish shareholders in the Toronto-listed company. The declines mean that Irish shareholders who are understood to own almost half (45%) of the company have seen the value of their stake fall by €85m in recent months. Irish co-ops including Dairygold (3%), Kerry (5%) and Lakeland (3%) currently hold around 20% of the company and are down almost €40m on their investment since the start of the year.