The dramatic fall came after analysts at Norwegian bank DNB updated their sell recommendation, noting that the company’s debts of 40 billion kronor ($4.35 billion) are “unsustainable” and that “restructuring” is “needed to avoid bankruptcy”.

Since the start of the pandemic the airline has lost around 80 percent of its market value.

While many of the Covid-19 restrictions that have plagued the airline industry have now been lifted, SAS ran into new troubles in recent days when a baggage handler strike in Copenhagen caused delays and cancelled flights.

In 2020, the ailing airline cut 5,000 jobs – representing 40 percent of its workforce – and in May 2021 announced a credit line of three billion kronor ($350 million) from the Danish and Swedish governments, its main shareholders, to get through the crisis.

The company has received billions in financial support from the Swedish and Danish state, the two main owners.

In October last year, the airline said it was fighting to change the company “so that we have a future”.

The company is scheduled to publish on February 22nd its earnings for the three months ending in December.