Cox & Kings slump 5% as Axis, Kotak Bank lodge complaint against the firm alleging Rs1,200cr fraud

Cox & Kings stock has clocked lower circuit of Rs1.42 per piece down 4.70% on Sensex.

Aug 10, 2020 03:08 IST India Infoline News Service

Travel firm, Cox & Kings on Monday saw huge selling pressure on stock exchanges after a media report claimed that private lenders like Axis Bank and Kotak Mahindra Bank have filed a complained against the company over alleged fraud amounting to Rs1,200cr.

At around 2.56 PM, the Cox & Kings stock was performing at the lower circuit of Rs1.42 per piece down 4.70%.

Meanwhile, Kotak Bank stock was trading at Rs1362.50 per piece higher by 1.43%, while Axis Bank was trading flat Rs433.25 per piece.

According to a Times of India report, A probe has been initiated into two complaints of alleged fraud to the tune of Rs1,204cr against travel company Cox & Kings Limited. The complaints, which have been lodged by two banks - Kotak Mahindra and Axis Bank, are being investigated by the economic offences wing of the city police.

Reportedly, an official of the travel company told the news agency that it was an 'enquiry'.

Notably, the travel firm is already grappled in a preliminary enquiry filed by IndusInd Bank where the latter has alleged default in payment to the tune of Rs239cr from the former's front. 

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