Shares in UK computer games publisher SCI, the maker of Lara Croft Tomb Raider, have halved after the firm abandoned talks over a possible sale.
SCI had been in talks with different parties since September. The firm ended them as it no longer believed it would receive a good enough price.
The firm also said it was delaying the release of four new games.
As a result, SCI said that it now expected to make an operating loss in the current financial year.
By close of trade in London, SCI shares had fallen 54% to 62p.
SCI said that four of its new games - including Tomb Raider: Underworld - would now not be released until the final quarter of the 2008 financial year, in time for the Christmas market.
The games had originally been scheduled for June, but SCI said the delay meant they could launch the titles for six game consoles simultaneously, against the initial plan for three.
"The board believes that these simultaneous multi-platform launches in the key buying period, optimises the value that these franchises can deliver to the company over the long term," SCI said.
SCI added that it was "pleased" with its trading over the Christmas period. It said its Kane and Lynch game had sold more than one million copies since its release in November.