This story has been updated from a previous version.

Herbalife Ltd. shares dropped sharply Wednesday, dipping to $52.26 at one point for a decrease of 10.3 percent.

The downturn came on the heels of news that Provo, Utah direct seller Nu Skin Enterprises Inc. had slashed its revenue forecast driven by weak sales in China, a big market for Herbalife.

“Given China is the best growth geography for (Herbalife), investors extrapolated the Nu Skin results on Herbalife,” wrote Boston-based Canaccord Genuity Inc. analyst Scott Van Winkle in an email.

That same day, short-seller Bill Ackman also announced he had found fresh ammo against the downtown L.A. multilevel marketer. Ackman, whose New York hedge fund Pershing Square Capital Management has placed a billion-dollar bet against Herbalife, told the audience at Bloomberg Markets Most Influential Summit in New York that he has “lots of new stuff, none I can report,” according to Bloomberg.

Herbalife shares ended the trading day down 7.4 percent at $53.99.