SKY One Holdings, a Hong Kong-based logistics provider has been queried over its steep share price plunge.

About an hour and a half after trading began, the counter had lost 89 per cent of its value. It is now trading at 5.2 cents, after having shed 41.8 cents. Some 48.8 million shares have changed hands.

Sky One has now requested a trading halt.

Sky One announced last year plans for a reverse takeover. The plan is to acquire the shares of Indonesian coal miner Energy Prima for $400 million.