HUB24 Ltd's stock plummeted 8.81% during intraday trading on Tuesday, marking a significant decline for the Australian superannuation platform provider.

The sharp drop came after the company reported third-quarter net inflows that fell 8% short of Citi estimates, with funds under administration also undershooting forecasts by 2%. Analysts attributed the net flow shortfall to softer inflows compounded by a one-off institutional outflow.

Citi cautioned that the share price could face near-term downside pressure following the net flow miss, though the brokerage expects earnings downgrades to remain contained as lower revenues are partly cushioned by reduced costs.