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Hot stock: Noble shares drop 12%, extending last week's fall
[SINGAPORE] Shares in Noble Group fell 12 per cent in early trade on Monday, extending last week's slide on growing market concern over the outlook for the embattled commodities trader.
Monday's decline came after its bonds slumped and the stock plunged by 53 per cent in the last two sessions following a profit warning which took its shares to the lowest in 15 years.
Noble is struggling to repair investor confidence after setbacks in the past two years that included a questioning of its accounts by Iceberg Research and a commodities downturn that battered its shares and triggered credit rating downgrades, asset sales and fund raising. Noble has stood by its accounts.