STORY: Shares in Just Eat Takeaway plunged on Wednesday (June 29).

They were down around 19% in morning trade, hitting all-time lows.

The dive comes amid doubts that Europe’s largest meal delivery company will be able to sell its U.S. arm.

Takeaway bought Grubhub for $5.8 billion back in June last year.

But it’s since had a change of heart, and is looking to offload the U.S. firm.

However, in a new note to investors, analysts at Berenberg said it looked unlikely to recoup anything like what it paid.

They also raised questions about whether Takeaway would now be able to reach profitability without further funding.

Takeaway shares are down 70% this year amid criticism of the Grubhub purchase.

In a statement, the firm said it continued to consider the sale of the unit, in whole or in part.

It said its funding was not in any peril.

Takeaway reported a loss of over $1 billion last year.

But chief executive Jitse Groen says it’s on track to become profitable on an operating basis in 2023.