Not soon after national carmaker found itself in hot soup for its fire-sale of its ailing motorbike unit, which it had bought a year ago, more questions are now being asked for the drastic plunge in its share prices.

Last Friday, Proton's shares dive more than 11 percent, or 70 sen, to a four-year low of RM5.65 after Volkswagen (VW) scrapped a deal with the national carmaker to build and sell VW brand cars for the local market.

The drop saw Proton's market capitalisation wiped out by RM384.45 million to RM 3.1 billion

Opposition party DAP has called on Prime Minister Abdullah Ahmad Badawi to demand that the Proton senior management fully explains VW's decision to scrap its plans for strategic collaboration with Proton.

Party secretary-general Lim Guan Eng said it was "unacceptable and irresponsible for Proton to be completely unaware and even surprised" by VW's decision to end talks on the much touted proposed alliance.

"For Proton to be completely unaware of VW's intention to abort the deal and only know about it in the press highlights the dismal public standing and low regard Proton has in the automobile industry," said Lim.

"To be treated in such a light and dismissive fashion adds only insult to injury and should serve as a wake-up call that Proton is in a state of crisis."

As Proton's shares were tumbling on Friday, the company told Bursa Malaysia in a statement that the partnership deal with VW fell through because it could not accede to the world's fourth largest carmaker's request for control over Proton.

It added that ceding control of Proton to VW would have compromised the national carmaker's independence and this would be highly inappropriate for the country's national car company.

"Such explanation is confusing as the reason Proton is seeking cooperation and help from VW is to reverse Proton's reputation for poor quality and a lack of innovation that has resulted in the lack of capability in selling cars internationally and rapidly losing its share of the domestic market," said an outraged Lim.

"Who wants to invest hundreds of millions of ringgit if Proton does not cede some form of control?

"Such lack of confidence in the future prospects of Proton is shared by investment analysts and stockbrokers who are dumping Proton shares unless there can be a white knight to save Proton.

"If the Proton management continues to be haunted more by the need to salvage national pride and save face rather than seriously address the commercial and financial issues besetting Proton, there is no hope to stop Proton from becoming a continuous drain of resources to our national economy."

Proton's shares shed another 30 sen, or 5.3 percent, to RM5.35 in today's trading.

Still unanswered - Dr M's eight questions

The opposition leader said that Proton owed Malaysians an answer as Khazanah Malaysia, the government's investment arm, holds a majority 38 percent stake of troubled carmaker.

Apart from the VW failed alliance, Proton has yet to respond to questions put by the company's own advisor Dr Mahathir Mohamad and its former CEO Tengku Mahaleel Tengku Ariff on the sale of MV Agusta for one euro (RM4.50).

Proton had bought the ailing motorbike outfit for 70 million euros, or RM315 million, about a year ago. Over the past year, Proton has pumped in financial assistance to the recently acquired unit, and this has pushed up Agusta's losses to RM510.24 million.

"To lose up to RM510.24 million in less than one year has caused anger amongst Malaysians including Mahathir and Mahaleel, who felt their credibility, honesty and integrity questioned because they supported the purchase of Agusta," lamented Lim.