I was trying to simulate varaible DC power supply but The output of Regulator is decreasing gradually from 11.9 (Vin) to 1.6 (Vout) Why it's happening??
You are missing the resistor that sets the output voltage. There should be potential divider formed across Vout and GND with the ADJ pin at its center.
Add a resistor between Vout and ADJ and take note of the minimum load current requirement. Typically it shouldn't be more than about 270 Ohms.
Also note that if the simulation is accurate, the diodes will be overloaded at power-up and at quite a low DC output currents.