Shares of Enova International sank Tuesday and were on pace for their worst decline in six years after the financial technology company pulled regulatory applications and canceled its proposed acquisition of Grasshopper Bancorp.

Enova International stock fell 25% to $169.15 on Tuesday. If the move holds through the closing bell it would be the worst daily percentage decline since March 18, 2020, according to Dow Jones Market Data.

Investors were selling stock after Enova late Monday said that it had withdrawn applications with the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System related the proposed acquisition of Grasshopper.

Enova, therefore, won't be moving forward with the planned $369 billion acquisition of the digital-first commercial bank.

Enova announced an agreement to acquire Grasshopper in December 2025.

"After a thorough evaluation, we are confident that withdrawing our applications is the best decision for Enova and our shareholders," CEO Steve Cunningham said in a press release.

"Regulators do not have clear standards for nonbanks that want to become banks and that serve customers whose credit needs today are met mostly outside of the banking system," Cunningham added as way of explanation for the decision.

Enova stock has risen 7.6% this year even with the sharp price decline Tuesday. Shares have gained 40% over the past 12 months.