The markets punished Nortel on Friday, driving it down 11% to its lowest level in 6-1/2 years after a credit rating cut.

Market players who have watched the nosedive of the stock that was once the bellwether of Canadian markets wondered how much lower the telecommunications equipment maker can plunge.

A trader: "It's a company under attack. How low does it go? Who the hell knows. It is definitely under attack and it will probably stay that way for a while."