Shares of Malaysian budget carrier AirAsia fell as much 13% on Wednesday, despite the airline defending its finances and accounting practices.
Investors become concerned after little-known firm GMT Research issued a report on 10 June, saying the airline used transactions with associate firms to increase earnings.
Since then, its shares have fallen almost 30%, according to Reuters.Chief executive Tony Fernandes also told Reuters at the Paris Air Show that the airline had "so many" cash raising opportunities in its fleet, investments and national cash operations that it did not need a capital increase.
But earlier this week, Mr Fernandes had written to investors that the company planned to raise almost $300m (£190m) from bond issues at its loss-making subsidiary in Indonesia and the Philippines.
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