Cox & Kings slumps 5% on another commercial paper default

CARE Ratings revised the company’s long-term bank facilities of Rs1,760cr to 'CARE D' from 'CARE C'.

Jul 11, 2019 06:07 IST India Infoline News Service

Cox & Kings
Shares of Cox & Kings extended losses for the twelfth consecutive session on the BSE after the company defaulted on commercial paper of Rs125cr. This is the company's third default in the past fortnight, totalling Rs325 cr.

CARE Ratings revised the company’s long-term bank facilities of Rs1,760cr to 'CARE D' from 'CARE C'. The revision in ratings assigned to Cox and Kings takes into account default in CP (carved out) redemption due on July 9 and overdue in bank accounts," the company said in the filing on Wednesday.

“The company is working closely with its lenders to optimize its strong asset base globally and bring the situation back to normal as soon as possible,” the company said.

Care cut the company’s bank facilities, NCDs and commercial paper to D after missing the CP payment, the rating firm said in a statement.

The stock was trading at a new low, and has tanked 54% from the level of Rs50 on June 25.

Cox & Kings Ltd is currently trading at Rs23.20 down by Rs1.2 or 4.92% from its previous closing of Rs24.40 on the BSE.

The scrip opened at Rs23.20 and has touched a high and low of Rs23.20 and Rs23.20 respectively. So far 32,240 (NSE+BSE) shares were traded on the counter.

The BSE group 'A' stock of face value Rs5 has touched a 52-week high of Rs211.90 on 31-Oct-2018 and a 52-week low of Rs24.40 on 10-Jul-2019. Last one week high and low of the scrip stood at Rs29.80 and Rs24.40 respectively.

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