Federico Ricca struck an injury-time equaliser as Malaga denied Rayo Vallecano a crucial win at Estadio La Rosaleda.
Ricca, a January signing from Uruguayan side Danubio, popped up to turn the ball home in the closing moments to cancel out Jose Baena's fortunate opener.
Rayo thought they had recorded a second straight win in their bid to put breathing space between themselves and the bottom three, but they had to settle for point.
Ninth-placed Malaga had the better of the chances but were wasteful, starting in the third minute when Gonzalo Castro was twice denied by away goalkeeper Juan Carlos.
Castro then hit the side-netting with an even better opportunity in the 28th minute after good work from Jose Recio, while Duje Cop also failed to hit the target.
Rayo almost snatched the lead just after the restart when Javi Guerra hit the woodwork from a corner and, after Charles missed another shooting opportunity for the hosts, did so on the hour.
It had a slice of fortune, Embarba aiming at goal only for the ball to clip Buena and beat Guillermo Ochoa.
That looked to be enough to take home the points but Manucho's failure to put his side 2-0 ahead late on proved costly.
Malaga substitute Roque Santa Cruz turned in a cross with one minute of added time on the clock and Ricca arrived to convert his first goal for the club.