Japan Airlines shares tumbled by the daily limit of 30 yen for the second day in a row, falling 81% to a new record low of just 7 yen (7.7 cents, 4.7 pence).
The airline’s market value has fallen by about $1.8bn in two days to $200m.
Reports say Japan Airlines is set to receive government funds worth about 300bn yen under a restructuring package.
The package would see it file for bankruptcy.
“The selling is unstoppable,” said Hideaki Higashi, market strategist at SMBC Friend Securities.
“Event-driven market players are hammering down Japan Airlines. 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.
