Shares in Philip Morris International Inc. (PMI) dropped by 18 per cent, the greatest fall since PMI split from Altria Inc. in 2008, due to slowing consumer uptake of its new tobacco products, Bloomberg reported.

The decline comes after the latest earnings report indicated that USD 4.5 billion (EUR 3.69 billion) invested in four new products has not been successful in gaining new customers, according to the report. After the early success of PMI's IQOS in Japan, sales growth of the heated tobacco product has been losing momentum.
The company reported USD 6.9 billion revenue excluding excise taxes, which is less than the USD 7.03 billion expected by analysts in a Bloomberg survey, according to the report. The stock fell 4 per cent this year through 18 April close of trading, Bloomberg reported.