Noble Group was once the darling of the Singapore stock exchange but it has seen its worth shrunk from $6 billion to just $800 million in over two years. The stock tanked 54 percent between May 9 and May 15 after it reported a surprise quarterly loss of $129.3 million for the January-March. Previously it also was attacked by anonymous researcher Iceberg Reseach for being severely over-priced.

But Religare Capital Markets’ research director, Nirgunan Tiruchelvam, said on CNBC that the recent plunge in share price of Singapore-listed commodities firm Noble Group is an opportunity for investors to buy the stock at a deep discount.

“In their business, it is conceivable that there’s a lot of fluctuation in their profits and in their cash flow positions and that’s something investors need to account for. And in this case, it is conceivable that they would recover from the losses that they’ve just faced,” Nirgunan Tiruchelvam, director at Religare Capital Markets, said on CNBC’s “The Rundown.”

Tiruchelvam added the stock is trading at a deep discount to its book value. In addition, the company had shown in the past that they have the ability to raise cash to meet their obligations.

But rating agencies don’t think so. Moody’s downgraded Noble bonds, saying it is concerned over the company’s liquidity and large debt maturities over the next 12 months. CreditSights stated that company may not make any profit this year.

Noble shares were up 3.4 percent in early Tuesday trade.

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