Kalpana is no longer the favourite for next month’s Prix de l’Arc de Triomphe after an odds-on defeat by Giavellotto at Kempton.
Andrew Balding’s four-year-old was around 6-1 favourite for Europe’s richest race on 5 October but is now out to 12-1.
King George runner-up Kalpana, ridden by Colin Keane, was beaten by a length and a half by Giavellotto in the September stakes.
The winner was guided home by Oisin Murphy on his 30th birthday for trainer Marco Botti.
Balding indicated afterwards that a decision on whether Kalpana would run in the Arc at Longchamp in Paris has yet to be made.