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Cox & Kings slumps after missing Rs 125-cr debt payments

Capital Market 

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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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, July 11 2019. 11:39 IST