Unfortunately for its shareholders it has been a day to forget for the SYNLAIT FPO NZX (ASX: SM1) share price.
Despite the market climbing notably higher today, in afternoon trade the dairy processing company's shares are down 8% to $6.51.
What happened?
As the major supplier to a2 Milk Company Ltd (Australia) (ASX: A2M), Synlait has been a big winner from the infant formula boom.
However, with investors of infant formula shares heading to the exits in their droves today, Synlait has also seen its share price dragged lower.
At the time of writing the a2 Milk share price is down 4% and the Bellamy's Australia Ltd (ASX: BAL) share price is down over 6%.
But it isn't all bad. Fortunately for longer-term Synlait shareholders its shares are still up over 100% since this time last year despite today's decline.
