Stocks

Cox & Kings hits lower circuit on fresh payment default

Reuters July 25 | Updated on July 25, 2019

Shares of Cox & Kings Ltd fell by 4.7 per cent daily limit to a record low of Rs 14.1.

The tour operator on Wednesday said it defaulted on a Rs 174 crore ($25.22 million) payment of commercial papers.

Last month the company had defaulted on commercial paper payments of Rs 150 crore. The company has been undergoing a liquidity crunch over the past months, leading to loan defaults and rating downgrades.

Published on July 25, 2019

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