Shares in Macquarie Group and Babcock & Brown were further pummelled on Thursday amid rising investor concern that the global credit crisis would affect their ability to repay debt.

Macquarie, Australia’s biggest investment bank, sank more than 23 per cent to A$26.05, down about 65 per cent on the year. B&B, the infrastructure investor, shed 17 per cent to close at a record low of A$0.76.