Cox & Kings hit a lower circuit limit of 5% at Rs 23.20 at 11:26 IST on BSE after the company defaulted on unsecured commercial papers worth Rs 125 crore.
The announcement was made after market hours yesterday, 10 July 2019.
Meanwhile, S&P BSE Sensex was up 165.33 points or 0.43% at 38,722.37.
On BSE, 12,000 shares were traded in Cox & Kings counter, compared to a 2-week average of 1 lakh shares. The stock was currently trading at its 52-week low level. It hit a 52-week high of Rs 211.90 on 31 October 2018.
Shares of Cox & Kings plunged 53.55% in twelve trading sessions to its current market price of Rs 23.20, from a recent closing high of Rs 49.95 on 25 June 2019.
Cox & Kings informed that it defaulted on unsecured commercial papers worth Rs 125 crore on 9 July 2019.
Further, the company's issuer rating was revised to 'CARE C' from 'CARE BB', long term facilities were revised to 'CARE C' from 'CARE BB' and non-convertible debenture issue was rated 'CARE D' from 'CARE BB'. Meanwhile, Cox & Kings has maintained a rating of 'CARE D' in commercial paper issue of Rs 375 crore and 'CARE A4' in commercial paper issue worth Rs 1,685 crore.
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 rose 6.4% to Rs 1,258.52 crore in Q4 March 2019 over Q4 March 2018.
Cox & Kings is a travel company and a leisure travel group with operations across continents. The firm operates in two key verticals: leisure and hybrid hotels.
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