Independent senator Nick Xenophon has asked the corporate watchdog to investigate whether Qantas breached its continuous disclosure requirements.
The national carrier on Thursday revealed a $2.84 billion loss for the year.
Under corporate rules, companies must publish information relevant to share prices so that all shareholders have equal access to the information.
"Qantas has admitted to me via a Senate inquiry process that it has had commercial-in-confidence briefings with institutional investors," Senator Xenophon said.
"My question to ASIC is whether this breaches Qantas' obligations in terms of continuous disclosure to the share market."
Senator Xenophon said he was curious why institutional investors had not "made a squeak" about the crisis in Qantas.
"You would expect them to be baying for blood," he said.
"It makes me wonder what information institutional investors may have received in these meetings."
Senator Xenophon later described Qantas' losses as "absolutely shocking" and questioned why chief Alan Joyce and chairman Leigh Clifford are still employed by the airline.
"Alan Joyce is to Qantas what Caligula was to the Roman Empire," he told reporters in Canberra.
"He is really someone who has trashed the reputation of a great international airline."
A Qantas spokeswoman later rejected Senator Xenophon's call for an ASIC investigation.
"Mr Joyce told the Senate, including Senator Xenophon, earlier this year that Qantas adheres to our continuous disclosure requirements and anything that we provide in briefings is always publicly available information," the spokeswoman said.
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