Shares in troubled Japan Airlines fail to trade as bankruptcy looms

Shares in struggling Japan Airlines Corp. have failed to trade due to a glut of sell orders amid looming bankruptcy.

Weekend media reports said Asia’s biggest airline, known as JAL, could file for bankruptcy as early as January 19. The major daily Asahi said Monday following the bankruptcy filing, JAL’s shares are likely to be delisted, .

Since the market opening Tuesday, JAL was flooded with sell orders, with its price only indicating at 37 yen, down a staggering 44.8 per cent from Friday’s close of 67 yen. Japan’s financial markets were closed Monday due to a public holiday.

A spokesman at the Tokyo Stock Exchange said a 30-yen fall from Friday’s finish was the maximum decline allowed in the market.

 

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