As its stock price fell by 30 per cent in the past five trading sessions due to payment default, travel services firm Cox & Kings 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.
On June 27, the company had said it defaulted on payment of commercial papers due to cash flow mismatch. Cox & Kings was required to pay Rs 200 crore, however, it was able to pay only Rs 50 and defaulted on Rs 150 crore.
The stock price fell further by 4.94 per cent to settle at Rs 34.65 a piece on the BSE on Monday. It stood at Rs 45 apiece five days ago.
In a regulatory filing, Cox & Kings said: "The company is taking all required measures to resolve the temporary cash flow mismatch."
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