Cox & Kings hits lower circuit for 12th straight day on another CP default

The stock was trading at new low of Rs 23, and has tanked 54 per cent during the period from level of Rs 50 on June 25.

Shares of Cox & Kings were locked in lower circuit for twelfth straight trading day, down 5 per cent at Rs 23, in intra-day trade on the BSE on Thursday after the company defaulted on commercial paper of Rs 125 crore. This is the company's third default in the past fortnight, totaling Rs 325 crore.

The stock was trading at a new low, and has tanked 54 per cent from the level of Rs 50 on June 25. In comparison, the S&P BSE Sensex dipped 2 per cent during the same period.

Rating agency CARE Ratings revised Cox