Tourism Finance Corporation hits 2-year low on pledged share concerns

Redkite Capital, promoter of the company, has created security for the secured NCDs to their lenders by way of pledge of 9.25 million shares, representing 11.5% of total equity of TFCI on July 5.

Shares of Tourism Finance Corporation of India (TFCI) hit an over two-year low of Rs 65, down 8 per cent on the BSE in the intra-day trade on Thursday on investors' concerns over pledged shares by the promoters.

The stock of financial institution was trading at its lowest level since March 16, 2017. It has tanked 41 per cent in the past eight trading days after concerns surfaced over the company’s substantial exposure to Cox & Kings. In comparison, the benchmark S&P BSE Sensex was down 3 per cent during the same period.

Redkite Capital, promoter of the