The share price of Australian wine company, Evans & Tate, has continued to fall as investors sell in response to market concerns over the heavily indebted company.

Following a fall of 14% on Wednesday, the shares fell by a further 18% on Thursday, adding further pressure to the company's debt-to-equity ratio. The shares hit a record low of 42c before closing down 11c at 49c, around half their value at the start of the year.

Earlier this week, Evans & Tate responded to newspaper reports that its bank ANZ was concerned about the debt levels of the company and that the winemaker had employed corporate advisory firm Korda Mentha to make an assessment of its financial position.

In a statement released to the Australian Stock Exchange, the company denied that it had employed Korda Mentha as administrators and added that it "continued to enjoy a good relationship with its bankers, ANZ Banking Group."