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Noble Group shares erase early gains, hit 6-1/2 year low

Reuters

SINGAPORE (Reuters) - Singapore-listed shares of Noble Group Ltd (NOBG.SI) on Tuesday dropped as much as 6.6 percent to an intra-day low of S$0.425, their lowest since Nov. 2008, erasing earlier gains.

Shares in Noble, Asia's largest commodity trader, had rallied more than 5 percent in early trade, a day after its chief executive said the company was open to selling core businesses during a meeting with investors that lasted more than four hours.

Noble, already under pressure in a weak commodities market, hit the spotlight in February when blogger Iceberg Research alleged the company was inflating its assets by billions of dollars by not fairly representing the value of its commodity contracts. The company has rejected the claims.

(Reporting by Rujun Shen; Editing by Edwina Gibbs)