Unfortunately for its shareholders, the strong run of the Bubs Australia Ltd (ASX: BUB) share price came to an abrupt end on Wednesday.
At the market close the infant formula and baby food company's shares were down a massive 30% to 63.5 cents.
Why did its shares plunge?
As we pointed out earlier today, the recent meteoric rise in the Bubs share price appears to have been down to speculation that the company could be subject to a takeover approach.
But unfortunately this doesn't appear to be the case. Yesterday after the market closed the company released an announcement that dismissed the speculation, advising that it has not been approached.
Despite today's sizeable decline the Bubs share price is still up almost 130% in just the last 30 days. No doubt all eyes will be on it on Thursday to see how it responds to this sell-off.
