(PTI): Japan Airlines shares have plummeted to a record low on the year’s last trading day following speculation that the South Asian flag carrier is to seek bankruptcy.

Japanese stocks fell the most in three weeks on Wednesday as nervous investors continued to unload shares of struggling Japan Airlines Corp (JAL). JAL shares dropped 24 percent finishing at a record low of 67 yen. It was the steepest drop in the Nikkei.

The debt-laden Japan Airlines has been bailed out by the government four times since 2001, but last week, Japanese Finance Minister Hirohisa Fuji said the state would not offer the carrier any more loans.

JAL is struggling with 1.5 trillion yen ($16bn) of debt.