The local share market has had a massive fall in the latter part of the session after the top 50 heavyweight A2 Milk downgraded its earnings outlook, causing its share price to fall.
The NZX Top 50 index was dragged down with A2 Milk's share price fall (file image) Photo: Supplied / NZX
A2's share price fell more than 20 percent, dragging the NZX Top 50 index with it.
Before A2's news the local sharemarket had hit a record high.
It closed down 207 points, or 1.6 percent, to 12,682.