Australian Vintage, a major ASX-listed wine producer, has exited its Balranald vineyard in NSW and sold another, Lyndoch in South Australia, to the Randall Wine Group just weeks after an emergency capital raising to keep the business afloat.

Shares in the company have slumped more than 55 per cent since the start of the year, amid management instability and the abrupt end to discussions to merge with Accolade Wines, another large producer now controlled by a consortium led by Bain Capital.