Mercedes-Benz Group AG shares fell the most in four years after a deepening slowdown in China prompted the world’s biggest luxury-car maker to cut its outlook.

Mercedes-Benz cut its full-year profit margin target for the second time in less than two months, hitting European auto stocks as it joined a growing number of rivals that are blaming a weakening Chinese car market,

The German luxury carmaker said the move was triggered by the further deterioration of the macroeconomic environment, specifically in China.