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.