Business Standard

Cox & Kings plummets 10 per cent on payments default

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Press Trust of India New Delhi
Shares of Cox & Kings Friday plummeted 10 per cent to Rs 36.45 to hit lower circuit after it defaulted on the payment of commercial papers due to cash flow mismatch.
On NSE, the shares closed at Rs 36.80 with a decline of 9.91 per cent.
The shares of the firm hit a 52 week low on the bourses.
During the day, in terms of traded volume, 0.53 lakh shares were traded on the BSE and over 1.5 lakh units changed hands on the NSE.
Cox & Kings on Thursday said it has defaulted on the payment of commercial papers due to cash flow mismatch and a situation exacerbated by rating downgrade.
The firm said it would meet its financial obligations "through a combination of internal accruals and monetisation of assets".
The company was required to pay Rs 200 crore, however Cox & Kings was able to pay only Rs 50 and defaulted on Rs 150 crore.

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First Published: Jun 28 2019 | 7:35 PM IST

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