Elevance Health Inc.’s stock tumbled 13% Thursday and weighed on rivals after the health insurer’s third-quarter profit fell short of estimates amid ”unprecedented” challenges in the Medicaid business.

Elevance Health is the latest health insurance company to report higher-than-expected medical costs as third quarter profits tumbled more than 20%.

Shares of Elevance Health were trading sharply lower after a guidance cut prompted by snags in the Medicaid business overshadowed a quarterly revenue beat at the health insurance provider.Elevance Health stock fell 17% to $414.