Asia’s benchmark stock index headed for the first monthly loss since August as GrainCorp Ltd. plunged by a record after the Australian government rejected a takeover bid by a U.S. rival.

Nikkei 225 15,661.87 -65.25 -0.41%

S&P/ASX 200 5,320.05 -14.29 -0.27%

Shanghai Composite 2,220.5 +1.13 +0.05%

GrainCorp plummeted 22 percent after the government rejected U.S.-based Archer-Daniels-Midland Co.’s planned A$2.2 billion ($2 billion) takeover of the crop handler, saying it was not in the national interest.

Panasonic Corp. lost 2.1 percent as Japan’s Nikkei 225 Stock Average fell from a six-year high.

Ryoyo Electro Corp. surged 9.4 percent in Tokyo after the semiconductor-component maker said profit rose.