Noble shares resume slide after trading opens on Tuesday

SINGAPORE - Shares of mainboard-listed Noble Group fell heavily for the second consecutive day after a little-known research group Iceberg accused the commodities trader of using accounting loopholes to hide losses and enhance profit numbers.

Noble shares were down 8 cents, or 7.2 per cent, to $1.03 at about 10.35am on the Singapore Exchange. Volume was a very heavy 33 million shares traded.

The stock had tumbled as much as 9.5 per cent within two hours of trading on Monday before closing 7.9 per cent, or 9.5 cents, lower at at $1.11. About $640 million was wiped off its market capitalisation.

Market watchers have compared the attack on Noble to short seller Muddy Waters' assault on Olam International in 2012.

Noble said on Monday that it "completely rejects the allegations" made by Iceberg.