The selling spree seems to suggest increasing uncertainty among investors about the chances that the 75.58% stake in the telco will actually be offloaded by the mostly state-controlled shareholders.

The share has now shed more than 25% from its peak in November of last year and is back down to levels from the end of 2013.

The losses come after the Slovenia Sovereign Holding (SSH) announced Monday it had received a single offer for the 73% state stake in the telco. That bid was reportedly submitted by UK investment fund Cinven.

Germany's Deutsche Telekom, widely considered the most serious candidate to buy the leading Slovenian telecommunications company, did not submit a binding bid, in a move that has shocked analysts and prompted them to cast blame on political meddling in the sale.

While no details have been revealed about the lone bid, business daily Finance reports on Tuesday of speculation that the price ranges between EUR 105 and EUR 115.

It is unclear whether this factors in the value of open anti-trust lawsuits against the telco, but analysts seem to broadly agree that there is little room for improvement through negotiation given the lack of multiple bidders.