(Bloomberg) -- Capri Holdings Ltd. put options far below the market went from being almost worthless to a potential value greater than $2 million as shares plunged more than 50% in aftermarket trading after a judge blocked the bag maker’s proposed merger with Tapestry Inc.

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As of Thursday, there were almost 4,500 put options open — allowing the holders to buy 450,000 shares — at $25. More than 2,300 of the contracts changed hands over the course of the day, including 600 in the last 10 minutes of trading for 5-10 cents each.

With shares dropping to around $20, those contracts would be worth upwards of $5 each when trading opens Friday, implying a potential total value of more than $2 million for the 4,500 options.

And it’s not just the very short-term options — there are more than 30,000 of the $25 puts expiring Nov. 15 that have suddenly jumped in value.

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