May was the third-worst month on record for the company’s shares.

The stock is headed towards an official bear market — a 20% drop — as the boycott continues.

Shares of AB InBev closed Friday at $54.85, up 1.9%

That’s off 4% from their close last Friday and off 18% from March 31, when the beer maker enjoyed a share price of $66.73.

It would be recalled that Bud Light’s now-infamous promo with Mulvaney, 26, was posted on April 1, when the trans social media star shared a photo of a personalized beer can the brand sent her to celebrate her “365 Days of Girlhood.”

The post, which was shared with Mulvaney’s millions of Instagram followers, sparked a nationwide boycott of Bud Light and other beers in Anheuser-Busch’s portfolio, including Budweiser and Michelob Ultra, resulting in six straight weeks of plunging sales.

Sales of Budweiser, last year’s No. 7 beer with more than $1.8 billion in sales, were down 9.7% in each of the two most recent weeks.

Bud Light customers raised eyebrows again when conservative social media critics flagged Bud Light as a sponsor of the Cincinnati Pride Parade last recently.

A glance at the list of sponsors on the event’s website reveals that the Anheuser-Busch brand is lending its name to the annual event, which will be held on June 24.

The image on the page shows a rainbow-colored bottle of Bud Light next to a glass of beer under the heading “Together in Pride.”

The Bud Light marketing executive associated with the Mulvaney partnership, meanwhile, has refused to speak on the controversial marketing deal.

According to Reuters, in  a scramble to rebuild its brand, Anheuser-Busch has offered hefty rebates and has been buying back unsold cases of beer from liquor stores.