Shares of Japan Airlines Corp's <9205.T> tumbled 81 percent, leaving it with a market value of just around $200 million, on mounting expectations the airline will file for bankruptcy next week and be delisted.

A state-backed fund crafting a restructuring plan for JAL is planning for the carrier to file for bankruptcy as early as January 19, sources have told Reuters.

Normally that would lead to a complete reduction of capital and a delisting from the Tokyo exchange, rendering shares worthless.

It is highly probable that JAL will have its capital wiped out when it files for bankruptcy, said Yasuhiro Matsumoto, a senior credit analyst at Shinsei Securities.

JAL's stock fell by its daily limit of 30 yen to 7 yen as of 11:49 p.m. EST, following a 45 percent tumble on Tuesday. The company has lost about $1.8 billion in market value in two days.

The state-backed fund, the Enterprise Turnaround Initiative Corp of Japan (ETIC), plans to put about 300 billion yen in fresh capital into JAL after the bankruptcy filing and oversee its restructuring, sources have said.

The ETIC is still considering a plan that would allow JAL to retain a very small percentage of its capital and keep its listing, but it is leaning toward a delisting to hold shareholders accountable for JAL's performance, a source said.

(Reporting by Mariko Katsumura)

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