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Shares in Diageo sank after the Johnnie Walker whisky and Smirnoff vodka owner warned that sales and profit in the first half of its fiscal year would be weaker than expected. The booze giant blamed a worsening macroeconomic environment in Latin America and the Caribbean, where it said consumers were drinking less and trading down to cheaper brands.

Before the merger, the stock's worst drop was an 18% crash in October 1987. The profit warning poses a fresh hurdle for new Diageo Chief Executive Debra Crew, who took the helm in June, and is set to host her first investor day in the role next week. Crew said Friday that the worsening conditions in Latin America caught Diageo’s team in the region off guard and that “the operating environment is likely to remain challenging.

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