Hedge fund DE Shaw has taken a €102m ($108m) short position against German multinational pharmaceutical and biotechnology company Bayer, according to a report by Reuters citing a regulatory filing made in Germany on Tuesday.

The move came after Bayer’s recent earnings announcement led to a sharp drop in its share price to a two-decade low.

New York-based DE Shaw, one of the largest hedge fund managers with over $60bn in assets under management, declined to comment on the move while Bayer has yet to issue a response.

The slump in Bayer's shares followed CEO Bill Anderson’s warning on Tuesday of potential declines in next year’s earnings due to weak agricultural markets. The news compounded pressure on the CEO as he works to execute a turnaround for the company.

Bayer’s shares ended Wednesday 3.5% lower, having dropped as much as 15.8% on Tuesday following the earnings presentation.