Japanese trained Admire Rakti, the race favourite for the race that stops a nation, died after the Melbourne Cup. He finished a distant last and collapsed post race. 

Admire Rakti carried the hopes of Melbourne Cup punters as the $5.50 favourite.

Chief steward Terry Baily said the seven-year-old collapsed and died when he returned to the tie-up stalls after the race.

There are reports the horse died from a massive heart attack or internal bleed.

Racing Victoria vets will 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 Melbourne Cup.

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

Admire Rakti carried top weight of 58.5kg in the fourth-fastest Cup ever run.

“I knew he was in trouble when he didn’t tow me into the race around halfway from home so I eased him down straight away, the horse’s welfare comes first,” Purton said.

“It’s very sad. He gave me a great thrill at Caulfield and for this to happen to him is just not fair.

“I didn’t think they’d beat me. I thought he’d win today and the whole way through the first half of the race I thought that too.”

Additional reporting Sky News AUS.