Nortel stock slid under $3 a share in trading Friday, sinking below its previous 52-week low.

The stock dropped 43 cents, or 13 percent, to $2.94 in mid-afternoon trading. It closed at $3.03, down 34 cents.

Nortel (NYSE: NT) said Thursday it was delaying for a third time a report on its review of financial statements.

Nortel said that if its reports were not filed by Dec. 15 it faced de-listing by the New York Stock Exchange. The company said trading could also be suspended on the Toronto Stock Exchange.

Nortel: www.Nortel.com