Cox & Kings plunges after credit rating downgrade

Cox & Kings hit a lower circuit limit of 10% at Rs 40.50 on BSE after Brickwork Ratings India downgraded Cox & Kings' non-convertible debenture issue.

The announcement was made after market hours yesterday, 26 June 2019.

Meanwhile, S&P BSE Sensex was up 141.59 points or 0.36% at 39,733.67.

On BSE, 2.92 lakh shares were traded in Cox & Kings counter, compared to a 2-week average of 2.65 lakh shares. The share price hit an intraday high of Rs 49.50 and a 52-week intraday low of Rs 40.50 today. It hit a 52-week high of Rs 211.90 on 31 October 2018.

Brickwork Ratings India has downgraded Cox & Kings' non-convertible debenture issue rating to "BWR AA-; Stable" from "BWR AA; Stable". The ratings on commercial paper issue and commercial paper issue (carved out) were reaffirmed at "BWR A1+".

On a consolidated basis, Cox & Kings reported a net loss of Rs 499.72 crore in Q4 March 2019 as compared to a net loss of Rs 46.86 crore in Q4 March 2018. Net sales increased 6.4% to Rs 1,258.52 crore in Q4 March 2019 over Q4 March 2018.

Cox & Kings is a travel and tourism company.

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