MEXICO CITY, Oct 26 (Reuters) - Mexican distiller Becle , the world's largest tequila producer, lost $1.54 billion in market capitalization from a share selloff on Thursday after a stronger peso battered profits.

Becle's share price nosedived around 19% as over 3 million shares changed hands, sending the stock to early 2020 lows and setting it on track for its biggest single-day decline since it began trading over six years ago.

"When it rains, it pours," said analysts at Itau BBA, pointing to a "perfect storm" of currency, volumes and cost challenges producing one of the company's lowest-ever quarterly net incomes.

The distiller, which makes Jose Cuervo tequila as well as upscale rum, vodka and whiskey brands, was vulnerable to currency changes with three-quarters of 2022 sales made in foreign currencies - mainly U.S. dollars.

Mexican firms' foreign income was devalued by gains in the peso, which strengthened 14% to the dollar over the year ending Sept. 30.

Peso-denominated earnings declined across all of Becle's regions and categories, and volumes it sold outside the U.S. also shrunk in what the company attributed to economic challenges in Europe and Latin America slowing customers' spending on liquor.

"While the European outlook remains challenging, we are confident in our ability to maximize our take-up of consumer spending in the fourth quarter," said regional director Gordon Dron.

Becle said it would continue shifting into the premium-priced liquor market and planned capital spending in the lower range of $200 million to $225 million this year.

When stripping out the effects of foreign exchange, annual sales should still grow by a high-single digit percentage, Becle said.

The company noted early signs of a trend in lower prices for agave - the prickly plant used as an ingredient in tequila - but said this was unlikely to materially benefit earnings until the second half of next year.

"We are past peak agave prices," said analysts at J.P. Morgan, adding that benefits should come as inventories roll out and aging times reflect the savings across Becle's portfolio. ($1 = 18.1430 Mexican pesos) (Reporting by Sarah Morland; Editing by Kylie Madry and Rod Nickel)