A share trading below the book value (reserves) doesn’t necessarily deserve to be a bargain. But generally if you look at all its peers, they are trading at premiums to book value. For Escorts, its operational performance, as explained by Samir is not so great to deserve a better valuation, hence the levels.
And for your reference, Cash bargain is a situation when a company holding cash and equivalents ( investments) in excess of debt it has on Balance sheet. This value when it exceeds the Market cap, then the share is essentially trading for nothing. In case of Escorts,
Cash - 160 Cr
Investments - 381 Cr
Total Debt - 350 Cr
Cash + Investments - Total Debt = 190 Cr which is less than the market cap, which it cannot be termed as a cash bargain.