Shares in Qantas Airways slumped as much as 17 percent on Thursday after the Australian national carrier issued a profits warning.
Qantas said that it expects to post an underlying pre-tax loss of A$250 million to A$300 million ($225 million to $270 million) for the first half amid a "marked deterioration" in market conditions.
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The company's share price fell as low as A$0.995 following the news, down 17 percent from Wednesday's close and its lowest level since July 2012.
It had recovered some ground by afternoon Asia trade but remained 11.5 percent lower, under performing the broader market which was down about 1.2 percent.