It was a tough day on Wall Street for Spirit Airlines.

After JetBlue Airways said that the potential merger between the two airlines might be in peril, the ultra-low-cost carrier saw its stock plummet.

The news comes after a federal judge sided with the U.S. Department of Justice and blocked the merger, saying it violates antitrust law and will kill the spirit of competitive pricing.

Some reports suggested that JetBlue may even look to terminate the 2022 deal in which it agreed to pay $3.8 billion to acquire Spirit Airlines. After JetBlue spoke with Spirit and said that the merger was in danger, Spirit Airlines' stock price fell 16 percent.

JetBlue said in a regulatory filing that it is exploring its options.

Following the judge¡¯s ruling, some analysts said that Spirit might have to go bankrupt unless it works out an alliance with JetBlue or another carrier. The deadline for the termination of the deal is January 28.

Spirit Airlines was originally courted for a merger by Frontier Airlines. Aviation experts have dismissed the idea that Spirit and Frontier could combine.

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