As Bloomberg agency reports, shares of largest luggage producer in the world Samsonite International SA, dropped down 13% on Friday in Hong Kong to the lowest level in more than two years.

Investors ignored company’s explanations in regards to accounting mistakes and weak governance. Shares lost 9,8% on Thursday. It was the biggest daily slump since 2012.

Blue Orca Capital report showed that Samsonite hid slow growth and also mentioned questionable related-party transactions.

Founded in 1910, Samsonite is now a dominant player at $16 billion market. Revenue in 2017 was $3,5 billion, which is 24% higher than a year earlier.

Purchase of a rival Tumi Holdings Inc. and online retailer eBags Inc. helped Samsonite to increase sales to record level that resulted in 16% shares growth within 12 months before yesterday’s sharp decline.

Investors will be waiting for more convincing explanations for the recent accusations.