Shares of China-focused Silvercorp Metals Inc. slipped again on Wednesday, a day after more short-sellers publicized a string of allegations against the company.
Shares of the company, which is based in Canada but operates primarily in China, were down as much as 6 percent Wednesday morning on the Toronto Stock Exchange before paring losses to trade at C$5.90, a fall of almost 5 percent. The stock plunged 20 percent on Tuesday, adding to losses over the past few weeks.
Silvercorp said earlier this month that it had obtained an anonymous letter accusing it of a $1.3 billion fraud. The company denies all allegations and has threatened legal actions to recover damages.
On Tuesday, new allegations against the company were posted on the alfredlittle.com website. The Globe and Mail newspaper said that that report was commissioned by a hedge fund in May, just weeks after the company's shares hit a record high.
Silvercorp owns producing mines in China and an exploration stage project in British Columbia.