As the connections of Protectionist celebrated Germany’s first victory in the Cup, Admire Rakti trailed in more than 200 metres behind him, clearly distressed.

The Japanese stallion was trying to match a modern weight-carrying record of 58.5kg in one of the fastest Melbourne Cups ever run.

Sent out as a strong $5.50 favourite, Admire Rakti vied for the lead with My Ambivalent for much of the race.

Jockey Zac Purton, triumphant aboard him in the Caulfield Cup last month, was convinced he was going to repeat that performance.

‘‘The whole way through the run I thought I’d win. I didn’t think they’d beat me from where I was,’’ he said.

But with 800 metres to go the horse was not responding and Purton began to have suspicions all was not well.

‘‘I didn’t know it was as bad as it was,’’ he said.

As they approached the home turn Admire Rakti was clearly under pressure and then dropped sharply back through the field.

Purton eased him down and virtually walked him over the line, 25 lengths behind the second-last horse, 200-1 outsider Mr O’Ceirin.

He dismounted and as Admire Rakti reached the tie-up stalls he collapsed. Vets pronounced him dead soon after.

‘‘I’m just shattered,’’ Purton said.

‘‘He gave me such a great thrill there at Caulfield. They don’t deserve this.’’

He said the owner Riichi Kondo was also very distraught.Chief steward Terry Bailey said Racing Victoria vets would conduct an autopsy.

‘‘It’s a shame. We had such a nice, clean-run Melbourne Cup,’’ Bailey said.

It is the second consecutive year in which a horse has died in the Cup.

French mare Verema was put down after snapping a canon bone during the 2013 race.

Smart stayer Araldo was returning to the mounting yard when a young boy waved a white flag in the horse's face. He leapt forward, jumping the steel rail, shattering a hind pastern bone in the process. 

Araldo's trainer, Mike Moroney, said on Tuesday afternoon that veterinary surgeons were trying desperately to save his horse's life.

However it was reported about 8pm that the horse, who finished seventh, had died.

Moroney described the death as a "tragic accident".

"They've run 150 Melbourne Cups and nothing like that has happened before.

"It's shattering for my owners, my staff and myself.

"We have just lost a great young stayer who was lightly raced and had just run seventh in the Cup.

"My staff are shattered. Everyone here is sticking together. We don't blame anyone."

The RSPCA said Admire Rakti’s death was a stark reminder of the risks to racehorses.

‘‘Sadly, injury and death are the price some horses pay for our entertainment in a sport that puts intense pressure on animals to perform to the limits of their endurance.’’

Coalition for the Protection of Racehorses spokesman Ward Young said about 125 horses have died during or shortly after Australian races in the past year.

‘‘These events are more common than we would like to believe,’’ he said.

AAP