PayPal shares plunged as much as 14.4%, valuing the company at about $46.6 billion|Daniel Foster|CC BY-NC 2.0

Advent and Stripe are backing away from efforts to buy PayPal, Bloomberg reports, ending a deal that could have ranked among the biggest leveraged buyouts ever.

The consortium had previously offered more than $50 billion for the digital payments giant, but people familiar with the matter said the group has now abandoned the pursuit.

Investors reacted immediately. PayPal shares plunged as much as 14.4% Friday, their steepest drop since February, valuing the company at about $46.6 billion.

PayPal has struggled to keep pace with rivals including Apple and Alphabet as it works to modernize its payment technology. CEO Enrique Lores, who took over in March, is pushing new financial targets and business changes.

Takeover interest helped PayPal shares rise more than 40% this quarter. Without a deal, investors may refocus on its growth challenges.