Shares in Skymark Airlines Inc., which filed for bankruptcy last week, suffered a record plunge Monday after the Tokyo Stock Exchange scrapped the daily price fluctuation limit.
They slumped 88 percent to ¥19 as of the close. The stock fell as low as ¥16 during the day and had lost 50 percent of its value in the two trading sessions since the carrier filed for bankruptcy last Wednesday.
The budget airline had to seek protection at the Tokyo District Court after a decision to purchase six Airbus Group NV A380 superjumbos flopped. The carrier filed with ¥71 billion in liabilities and President Shinichi Nishikubo stepped down in favor of Chief Financial Officer Masakazu Arimori. The stock will be delisted March 1.