Is it possible to create a flat oval that will be as round as the example below?

I looked at a few examples of how to create the oval itself using CSS from the following sources:
Unfortunately, as you lower it in height, the oval simply does not want to maintain a rounded shape. Here is my current code on how I am trying to achieve the same visual look as the image above:
HTML
<ul>
<li>
<a href="#">
<span class="text">Home</span>
<span class="oval"></span>
</a>
</li>
</ul>
CSS
a {
position: relative;
padding: 10px 30px 0px 30px;
text-transform: uppercase;
background-color: red; color: #fff;
}
.text {
position: relative;
z-index: 1;
}
.oval {
position: absolute;
bottom: -8px; left: 0;
z-index: 0;
display: block;
width: 100%; height: 20px;
border-radius: ~"20px/10px";
background-color: red;
}

As a thank you to everyone here and as a help to anyone in the future, here is my last code:
HTML
<ul>
<li>
<a href="#">Home</a>
</li>
</ul>
CSS
a {
overflow: hidden;
position: relative;
padding: 10px 30px 20px 30px;
text-transform: uppercase;
color: #fff;
&:before {
content: '';
position: absolute;
top: 0; left: -25%; bottom: 4px;
z-index:-1;
width: 150%;
border-bottom-left-radius: 100%;
border-bottom-right-radius: 100%;
background-color: #AECE33;
border: 3px solid #6B6A65; border-top: 0;
}
}

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