Italy's biggest toll-road operator has came under heavy stockmarket attack and the government says it could impose a heavy fine or revoke its concession over a bridge collapse that killed at least 38 people.
An 80-metre-long section of the bridge, part of a motorway linking the port city of Genoa with southern France, gave way on Tuesday in busy lunchtime traffic, sending dozens of vehicles into free-fall.
Autostrade per l'Italia, part of Milan-listed international toll-road group Atlantia and owned by the Italy's Benetton family, operated the motorway. It says it made regular, thorough safety checks on the 1.2 km-long viaduct, which was completed in 1967 and overhauled two years ago.
At the disaster scene, cranes moved away chunks of rubble as rescue teams searched for survivors. Genoa's chief prosecutor, Francesco Cozzi, said 10-20 people were still missing.
"We can keep going for another 48 hours in the hope of still being able to find someone," said Pietro Cosola, technical director overseeing the removal of rubble.
The government has rounded on Autostrade, saying it could revoke its concession as it had failed to ensure the viaduct's safety, though investigators have yet to identify the exact cause of the collapse.
"The options we're looking at are the full revocation, the revocation of just the A10 section or a penalty, but a 150 million euro ($A235 million) penalty is too low," Deputy Transport Minister Edoardo Rixi told Reuters.
Under the terms of the concession Autostrade can be fined up to 150 million euros.
Atlantia shares fell by as much as 25 per cent at one point after being indicated down in pre-open trade by as much as 50 per cent.
A government source suggested Italy may seek to fine Autostrade rather than withdraw its concession because the latter could involve a long legal fight and risk the government being ordered to pay compensation to the company.
Italian Prime Minister Giuseppe Conte declared a state of emergency for Genoa, one of Italy's busiest ports, whose main land corridor with France has effectively been severed.
Autostrade said it had relied on world-leading experts when making tests and carrying out inspections on the bridge and that these checks had provided reassuring results.
There will be a national day of mourning on Saturday to coincide with the funerals of victims.
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