Shares in African budget airline Fastjet (LON:FJET) are down over 60 percent, after warning that it may fall into administration without an injection of cash.

The African airline is in talks with major shareholders about receiving extra funding, adding that without it, “it may not be able to continue trading”.

The airline has received backing from easyJet founder Sir Stelios Haji-Ioannou, and flies in African countries including South Africa, Tanzania and Zimbabwe.

“Whilst initial discussions with certain shareholders have been positive, discussions are ongoing and there can be no guarantee of a successful outcome,” the company said.

“It is expected that any equity fundraise will be concluded in conjunction with the announcement of the company’s annual results for the year ended 31 December 2017.”

The company’s share price collapsed by a third on Wednesday, falling 67.74 percent at 5.00 (1039GMT).