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Cox & Kings frozen at 20% lower circuit; stock hits all-time low

The stock has plunged 77 per cent in the past year as compared to 10 per cent rise in the S&P BSE Sensex

SI Reporter  |  Mumbai 

Cox & Kings

shares hit an all-time low of Rs 48.85 after tanking 20 per cent on the on Monday, falling 49 per cent in the past month. In comparison, the S&P was down 1 per cent during the same period.

At 02:46 pm, there were pending sell orders for 931,709 shares on the and A combined 914,644 shares changed hands on both the exchanges.

On June 11, rating agency Credit Analysis & Research (CARE) had revised the ratings assigned to the bank facilities of The revision in ratings takes into account lower than envisaged reduction in debt as on March 31st 2019.

“The rating strengths are tempered by exposure of the company’s travel business to macro-economic factors prevailing in the to which it caters and the fragmented nature of the domestic travel industry. The timeliness, adequacy of the asset monetisation and the subsequent reduction in debt remains the key rating monitorable,” said in press release.

The ratings are also tempered by continued high level of pledged shares by promoters and reduced financial flexibility as a result of decline in Cox & King’s market capitalization, it added. CLICK HERE TO READ FULL REPORT

The promoters holding in is 49.8 per cent as of end of March 2019 (49.34 per cent as at March 2018). Of which 63.28 per cent shares are pledged as of March 2019 (62.62 per cent in March 2018). Cox & King’s share price has also declined significantly thus curtailing the company’s financial flexibility to an extent.

The stock has plunged 77 per cent in the past year as compared to 10 per cent rise in the S&P BSE

First Published: Mon, June 24 2019. 14:58 IST
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