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Cox & Kings stock further fell 5 per cent on Tuesday to hit its lowest trading permissible limit for the day following a payment default.
The scrip dropped 4.91 per cent to ₹ 32.95 -- its 52-week low and also its lower circuit limit -- on the BSE.
At NSE also, the stock plunged 5 per cent to hit its 52-week low and the lower circuit limit.
On June 27, the company said it defaulted on payment of commercial papers due to cash flow mismatch. Cox & Kings was required to pay ₹200 crore, however, it was able to pay only ₹50 crore and defaulted on ₹150 crore.
The travel services firm on Monday said it is taking steps to resolve the “temporary” cash flow mismatch and will approach lenders to work out a “time-bound” solution to this emergency.
In a regulatory filing, Cox & Kings said,”the company is taking all required measures to resolve the temporary cash flow mismatch.”
The working capital situation at Cox & Kings stretched in the past few months and was further impacted due to its inability to replace the short-term loans with long-term loans, it said.
“The company will also be approaching its lenders to work out some time-bound programme to meet this emergency,” it said, adding that Cox & Kings is evaluating each business and identifying ways to improve operational performance.
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