Shares of AB InBev plunged as much as 11% Thursday after the world’s largest brewer posted a worse-than-feared decline in second-quarter volumes, even as revenues and profits surged ahead.

The Budweiser maker said volumes declined 1.9% year-on-year over the three-month period, well ahead of the 0.3% dip forecast by analysts on the back of weaker demand for its beer products.

Shares had pared down their losses and were last seen down 8.71% at 9:49 a.m. London time (4:49 a.m. ET).

The drop was led by China, where volumes were down 7.4% and where the company said it was “underperforming the industry.” The weakness was also driven by Brazil, where AB InBev cited high comparisons and adverse weather as prompting a 6.5% decline in the second quarter.

Despite the volume falls, quarterly operating profit jumped 6.5% year-on-year, well above the 5.7% that analysts expected. It comes off the back of a bumper profit jump in the first quarter.

Revenues rose 3% on an organic basis to $15 billion, as sales picked up in the U.S. following a first-quarter drop.

This is a developing story. Please check back for updates.