JD.com-SW (09618.HK) saw its shares plummet 5.02% during intraday trading on Tuesday, extending recent losses for the e-commerce giant.

The sharp decline follows a note from Citi analysts, which indicated that JD.com's overall Gross Merchandise Volume (GMV) performance during this year's major 618 shopping festival is likely to be lackluster. This assessment came despite the company announcing a record high in order user count for the promotional event, with Citi highlighting concerns over the underlying sales strength.

The analyst maintained a Buy rating on JD.com's US-listed shares but the negative outlook on a key sales period appears to have weighed heavily on investor sentiment, contributing to the significant sell-off in the Hong Kong-listed stock.