Bayer said on Tuesday that weak agricultural markets mean its earnings are likely to fall further next year, sparking a sharp fall in the German company's shares and piling pressure on its CEO to deliver on his turnaround efforts.

Bayer share price crashed to its lowest level in over twenty years as concerns about its future continued. It plunged to a low of €20.54 on Tuesday, bringing the year-to-date losses to about 40%. Worse,

Bayer's shares plunged to a 20-year low Tuesday after the German chemicals giant cut its earnings outlook and posted a worse-than-expected loss on woes related to its troubled agrochemicals division.

Bayer's earnings will likely slip further next year on weak agricultural markets, the company said on Tuesday, pummelling its shares and piling more pressure on its chief executive to deliver on turnaround efforts.