Synlait (ASX:SM1) share price crashes 7% on cancelled guidance

Synlait Milk Ltd (ASX: SM1) shares have opened sharply lower today after the New Zealand dairy processor announcing the cancellation of its full-year profit guidance for FY21. At the time of writing, the Synlait share price has slumped 7.24% to $3.33. 

Let’s take a closer look at what Synlait announced.

What’s impacting the Synlait share price?

The Synlait share price is on the slide after the company this morning provided a statement to the ASX advising the withdrawal of its FY21 guidance for the following reasons:

1. Ongoing uncertainty surrounding demand from A2 Milk Company Ltd (ASX: A2M) for the remainder of FY21.
2. The impact of this…