NEW YORK (TheStreet) -- Nu Skin Enterprises (NUS - Get Report) plummeted 26.67% to $84.50, down $30.73 from its previous close of $115.23, at the close of the trading day on Thursday after China ordered an investigation into media reports that the company disseminates false information and conducts illegal business in the country, Reuters reported.
The stock had a volume of 22,010,042, more than 15 times its average of 1,398,740. It hit a high of $99.01 and a low of $67.52 for the day.
China's state news agency Xinhua reported that China's State Administration for Industry and Commerce (SAIC) requested that local authorities look into the matter. Xinhua quoted an SAIC spokesman as saying the organization would take legal action against any legal violations if the investigation results proved that the media reports to be true. Canaccord promptly downgraded the stock to hold from buy and lowered its price target to $104 from $140.