India, May 8 -- Ferrari NV shares fell the most in three years after the luxury car maker reported underwhelming earnings and failed to raise its outlook.

Delivery gains in Europe and the Americas failed to offset a 20% drop in greater China, where tariffs are weighing on the profitability of Ferrari's made-in-Italy supercars. Adjusted operating earnings were in line with estimates.

"We wonder if some investors were expecting a beat and raise," said Tom Narayan, an analyst at RBC Capital Markets.

Ferrari fell as much as 6.7% in Milan, the steepest intraday decline since May 2021, and trading was temporarily halted. The stock is still up around 40% in the past year.

Automakers are coming under pressure from the broader economic downtur...