Eldorado Gold's stock plummeted 10.39% during intraday trading on Friday, marking a significant decline for the gold mining company.

The sharp drop follows rating downgrades from two major financial institutions. CIBC cut its rating on Eldorado Gold from Outperformer to Neutral, while Canaccord downgraded the stock to Hold from Buy. These downgrades signal reduced optimism about the stock's future performance among analysts.

Despite the company recently reporting strong quarterly results that beat analyst expectations for both earnings and revenue, the stock had risen 32.6% this quarter prior to the downgrades. This substantial rally potentially made the shares vulnerable to profit-taking on negative news, contributing to the downward pressure.