The abrupt end of high-quality Penfolds wine sales to China, which have been the main driver of profit growth over the past six years for Treasury Wine Estates, crunched the company's share price after it returned to trading on Monday.

Treasury Wines chief executive Tim Ford has been forced, in the wake of punishing provisional tariffs imposed on Australian wine imports by Chinese authorities, to redirect the 25 per cent of Penfolds' high-end wines that had been going to China to other countries. China makes up 30 per cent of Treasury Wine's total profits. But those China profits of close to $200 million annually for the company will now vanish because the high tariffs of 169 per cent in Treasury's case make it pointless to try to sell into China anymore.