Reynolds was on a flying lap just prior to the halfway point of the 40-minute session when he lost control of his Team 18 Camaro through The Esses.
The car spun to the left and made front-on contact with the outside concrete wall on the approach to The Dipper.
Qualifying was immediately red-flagged to retrieve the heavily damaged Tradie Beer entry from the circuit.
Reynolds was placed fourth at the time of the crash behind Cam Waters, Brodie Kostecki and Will Brown.
Moments after the hit, Reynolds could be heard speaking with his crew on team radio.
“Mate I’m fine, I’ve just had a massive shunt,” he told engineer Richard Hollway.
“Boys I’m so sorry, I don’t know what happened, I just lost the rear and then it continued on.”
Reynolds’ crash came just metres ahead of where co-driver Warren Luff miraculously completed a 360-degree spin without damage on Thursday.
HUGE SHUNT FOR REYNOLDS 🤯
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— Supercars (@supercars) October 11, 2024
“I’m fine, more than fine actually, I’m just really angry that happened,” 2017 Bathurst 1000 winner Reynolds told the broadcast.
“We’re pushing the limits and every now and then it happens. Obviously I’m not as skilled as Luffy, he saved it yesterday and I crashed it.”
Asked how the incident unfolded, he added: “I was pushing really hard obviously.
“It’s qualifying, my car was getting better, and I probably shouldn’t have stayed up it that second lap because the tyres start to go away, and everything gets way more ‘skatey’.
“I probably should have just put the next set on. I was probably pushing too hard for the condition, and I got bitten bad.”
Reynolds’ incident continued a bruising build-up to Sunday’s Bathurst 1000.
Matt Stone Racing had two big repair efforts to complete following Friday morning practice.
Triple Eight has also found double trouble; Scott Pye crashing on Thursday and then wildcard Cooper Murray finding the wall this morning.