A Warsaw court has rejected a request to allow Ursus, Poland’s largest tractor and machinery manufacturer, to start recovery procedures and subsequently declare its insolvency, according to a report from Bloomberg Industry.

The court ruling saw the Polish manufacturer’s shares plummet by a massive 47% overnight – from 0.78 Polish zloty (17c) to 0.41 Polish zloty (9c). Since the court ruling earlier this month, its share price has further fallen to 0.33 Polish zloty (7c).