Photos show moment Araldo broke its leg

These photos show the disturbing moment racehorse Araldo injured its leg after competing in the Melbourne Cup.

Frightened by a flag, Araldo ran into a fence and became tangled.

Jockey Dwayne Dunn is seen trying to save the German runner but to no avail.

Araldo broke its pastern in seven places and its trainer said later its leg resembled "a bag of ice".

It was euthanised later yesterday evening.

The death of Araldo and Cup favourite Admire Rakti has now put the racing industry into damage control.

Video also emerged last night showing Admire Rakti's last moments, with the horse seen struggling before it expires behind closed screens.

An inquiry is underway into the fatalities and it has been determined Admire Rakti died of acute heart failure.

The RSPCA has said it expects a full and transparent investigation to be carried out.

The deaths sparked a huge outcry on social media with many calling for racing to be banned.

READ: Racing industry in damage control after Melbourne Cup deaths

It is the second year in a row the Cup has been marred by tragedy, after French mare Verema had to be euthanised on the track after shattering its leg in 2013.

However, racing insiders have stepped up to defend the sport.