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Japan Airlines shares plunged by 81 percent to just seven yen (eight US cents) on Wednesday, hit by a flood of sell orders on fears the ailing carrier 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 removed from the Tokyo Stock Exchange.
JAL's share price dived by the daily limit of 30 yen for a second straight day to hit another record low of seven yen, down 81.08 percent from Tuesday's close.
"The selling is unstoppable," said Hideaki Higashi, a strategist at SMBC Friend Securities.
"Event-driven market players are hammering down JAL. It's a money game. The market is driving the company to go under," he said, adding that the share price could technically fall to one yen.
The government has pledged to avoid a total collapse of the former state-owned carrier, but has signalled bankruptcy proceedings which could aid JAL's restructuring while leaving 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.
JAL's main Japanese rival All Nippon Airways edged up by one yen, or 0.33 percent, to 296 yen on Wednesday morning.
