Commuters cycle past a Credit Suisse Group AG bank branch in Basel, Switzerland, on Tuesday, Oct. 25, 2022. Credit Suisse will present its third quarter earnings and strategy review on Oct. 27.

Shares of Credit Suisse on Wednesday plunged to a fresh all-time low for the second consecutive day after a top investor of the embattled Swiss bank said it would not be able to provide any more cash due to regulatory restrictions.

Trading in the bank's plummeting shares was halted several times throughout the morning as it fell below 2 Swiss francs ($2.17) for the first time.

The stock recovered slightly by around midday London time, before extending losses in early afternoon deals. Credit Suisse was last seen trading over 30% lower for the session.

The share price rout renewed a broader sell-off among European lenders, which were already facing significant market turmoil as a result of the Silicon Valley Bank fallout. Several Italian banks on Wednesday were also subject to automatic trading stoppages, including UniCredit , FinecoBank and Monte dei Paschi .

Credit Suisse's largest investor, Saudi National Bank, said it could not provide the Swiss bank with any further financial assistance, according to a Reuters report, sparking the latest leg lower.

"We cannot because we would go above 10%. It's a regulatory issue," Saudi National Bank Chairman Ammar Al Khudairy told Reuters Wednesday. However, he added that the SNB is happy with Credit Suisse's transformation plan and suggested the bank was unlikely to need extra money.

The Saudi National Bank took a 9.9% stake in Credit Suisse last year as part of the Swiss bank's $4.2 billion capital raise to fund a massive strategic overhaul aimed at improving investment banking performance and addressing a litany of risk and compliance failures.

Credit Suisse CEO Ulrich Koerner on Wednesday sought to defend the bank's liquidity basis, saying it is "very, very strong," Reuters reported, citing an interview with CAN.

Koerner added, "We fulfill and overshoot basically all regulatory requirements."

Meanwhile, speaking to CNBC's Hadley Gamble during a panel session in Riyadh on Wednesday morning, Credit Suisse Chairman Axel Lehmann declined to comment on whether his firm would need any sort of government assistance in the future.