IDP Education Ltd (ASX: IEL) saw its shares plummet by 5.76% in the intraday trading session, as the company continues to face significant pressure from short sellers. The sharp decline comes as the student placement and language testing company grapples with challenging market conditions that have persisted over the past year.

According to the latest short position report from the Australian Securities and Investments Commission (ASIC), IDP Education currently has 12.3% of its shares held short, with this figure increasing week-on-week. This high level of short interest suggests that many investors are betting against the company's near-term prospects, likely contributing to the stock's downward movement.

The sustained short selling pressure on IDP Education reflects broader concerns about the company's performance in a difficult operating environment. Over the past 12 months, IDP Education's shares have experienced a significant decline, as the company faces very tough trading conditions in the international education sector. These challenges may include factors such as travel restrictions, changes in student preferences, and increased competition in the global education market.