Shares in ailing carrier Japan Airlines plunged by more than 81 percent to just seven yen in early trade on Wednesday, hit by a flood of sell orders amid fears it will be delisted from the bourse.
Investors have been dumping the stock on reports that the debt-ridden airline is preparing for a court-backed bankruptcy filing, possibly next week, and that its shares will be delisted from the Tokyo Stock Exchange.
|A Japan Airlines aircraft taxis at Haneda International airport in Tokyo. Shares in ailing carrier Japan Airlines plunged by 81 percent to just seven yen in early trade on Wednesday, hit by a flood of sell orders amid fears it will be delisted from the bourse.|
JAL's share price dived by the daily limit of 30 yen for a second straight day to hit yet another record low of seven yen, down 81.08 percent from Tuesday's closed.
The government has pledged to avoid a total collapse of the former state-owned carrier, but has refused to rule out bankruptcy proceedings, which could aid JAL's restructuring but would likely leave investors out of pocket.
US carriers American Airlines and Delta Air Lines are in a bidding war for a slice of the airline, the largest in Asia.