Philip Morris International’s stock was on track for its worst percentage decline in a decade, dragging down other tobacco stocks as cigarette volumes dropped more than expected and the company’s IQOS smokeless tobacco product experienced slower growth.

Philip Morris plunged 17 percent in midday trading, a percentage decline that would be the worst on record based on data going back to 2008, when Philip Morris split from Altria Group.

Cigarette shipment volume declined 5.3 percent during the first quarter, hit by big drops in Japan, Russia and Saudi Arabia. The drop was worse than expected despite an easy comparison with the year-earlier quarter, when volumes dropped 12 percent.

Shares closed the day at $85.64, down 16 percent.

With Post wires