Cox & Kings slips to new low, hits lower circuit for 19th straight day

Shares of Cox & Kings were frozen at 5 per cent lower circuit for the 19th straight day on the BSE to hit a new low of Rs 16.30 on Monday after Brickwork Ratings downgraded the rating to BWR D for non convertible debentures (NCDs) issue amounting to Rs 50 crore of the company.

The revision in the rating of Cox & Kings is on account of default in payment of coupon for the NCD due on July 15, 2019.

Meanwhile, the promoters' holding in the company declined by more than 10 percentage points during April-June quarter, after lenders invoked pledged shares.

According to June shareholding pattern filed by Cox & Kings, the promoters' holding in the company declined to 39.73 per cent from 49.80 per cent at the end of March 2019 quarter. Corporate bodies' stake in the company increased to 12 per cent from 3.76 per cent during the quarter, data showed.

In the past one month, the stock tanked 73 per cent, as compared to a three per cent decline in the S&P BSE Sensex. Thus far in the calendar year, it plunged 90 per cent from level of Rs 167, against a 6 per cent rise in the benchmark index.

Till 01:44 pm; a combined 42,280 equity shares had changed hands and there were pending sell orders for 9.1 million shares on the BSE and NSE.