Shiseido Co. shares fell the most in nearly six months after the Japanese cosmetics company reported first-quarter net sales that just missed analyst estimates.

The stock was down as much as 6.7% in Tokyo on Wednesday, its biggest intraday decline since Nov. 17. Net sales declined to ¥232 billion ($1.5 billion), just below analysts’ forecast of ¥233 billion. Japan net sales fell 3.6% year-on-year to ¥71.2 billion, hurt by significant headwinds from lower Chinese tourism, the company said at a press briefing Tuesday.