Units in Murray Goulburn's listed trust are at a fresh all-time low as investors continue to digest the dairy processor's vaguely worded announcement of a strategic review.
Murray Goulburn units plummeted more than 15 per cent on Wednesday to a low of 62 cents, a decline that followed the previous day's 14.5 per cent fall.
The stock had recovered slightly to 66.75 cents by 1415 AEST, still down more than 50 per cent in the past 18 months.
Murray Goulburn, whose unit trust only listed on the Australian Securities Exchange in July 2015, has repeatedly downgraded milk prices and is facing a Federal Court case brought by the consumer watchdog over allegations it misled farmers about how much it would pay them.
The company this week set an opening farmgate milk price considerably lower than its full-year target range and announced a review into all aspects of its strategy and corporate structure.
But Murray Goulburn offered no detail on what changes the review could deliver, and said it will provide an update in August.
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