A U.S. judge blocked the pending $8.5 billion merger of U.S. handbag and accessories maker Tapestry and Capri on Thursday, a victory for the Federal Trade Commission that is a likely death blow for the deal.

Capri Holdings stock tumbled Thursday after a judge granted the Federal Trade Commission’s request to block the company’s intended merger with competitor Tapestry.Capri shares were down 50% to $20.88 in after-hours trading Thursday.

Capri Holdings shares are plummeting nearly 50% in premarket trading Friday after a federal judge blocked Coach owner Tapestry's $8.5 billion acquisition of the Versace and Michael Kors parent.