Cox & Kings surge near 4% despite clarification from NSE on promoter Peter Kerkar's arrest over money laundering

NSE sought clarification over recent news item captioned ED arrests Cox and Kings promoter Peter Kerkar in money laundering case.

Nov 27, 2020 02:11 IST India Infoline News Service

Exchanges seek clarification from Cox & Kings over news reports claiming that the Enforcement Directorate (ED) has arrested Ajay Ajit Peter Kerkar which is the promoter of the debt-laden company. Kerkar is stated to have been arrested over money laundering probe.

At around 2.48 pm, Cox & Kings was trading at an intraday high of Rs1.45 per piece up 3.57% on NSE.

NSE sought clarification over recent news item captioned ED arrests Cox and Kings promoter Peter Kerkar in money laundering case.

The response from the company is awaited.

According to an Indian Express article, the company owes Rs5,500cr to banks and financial institutions and it is one of the top borrowers of Yes Bank when co-founder Rana Kapoor was the helm.

It is being reported that Yes Bank has an exposure of over Rs2,267cr to Cox & Kings.

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