The Avis Budget Group has suffered one of the biggest second-quarter losses on the share market.

The group, which along with Hertz Global Holdings, is involved in the high-profile, protracted bidding war for Dollar Thrifty Automotive Group.

The past five months have seen analysts estimates prove to be well off the mark as Avis tumbled more than most registered companies. For second-quarter revenue earnings, Avis shares fell by USD$1.43, or 12 percent, to reach $10.92. This represented the biggest decline in composite trading on the New York Stock Exchange since February 18. At the close of business yesterday, Avis shares had dropped by a total of 17 per cent this year.

Second-quarter sales for the group fell by 1.4 percent in comparison to the same period in 2009, with a total of $1.29 billion. Analysts surveyed by Bloomberg had been already predicted a low estimate of was $1.31 billion given the wider decline of the US car rental market. The upshot of the decrease has been that Avis will be forced to borrow heavily if it wishes to proceed with its takeover bid for Dollar Thrifty. Avis made what was heralded as a significantly higher offer than rival Hertz to buy the Tulsa-based Dollar Thrifty group last week, with its $1.36 billion bid topping the $1.2 billion proposal made by Hertz in April, though that bid is now worth around $1.14 billion based on Wednesday’s closing prices.

Avis has also been advised by Dollar Thrifty CEO Scott Thompson that its offer did not include a breakup fee, which could be problematic for US regulators.