Tencent Holdings Ltd. shares were on track to fall by their most in a decade on Tuesday after a Chinese state media outlet branded online video games "spiritual opium," stoking concern that the sector may be next in regulators' crosshairs.

China's biggest social media and video game firm saw its stock tumble more than 10% in morning trade, wiping almost $60 billion from its market capitalization.

Shares of rival NetEase Inc. slumped as much as 15.7%, while those of game developer XD Inc. and mobile gaming company GMGE Technology Group Ltd. also plunged.