Cox & Kings shares have declined 26% since credit rating downgrade

Credit rating downgrade highlights delays in debt reduction and increase in receivables

Shares of tour operator Cox & Kings have slipped 26 per cent since Friday, following a credit rating downgrade which highlighted delays in debt reduction and increase in receivables.
 
The stock declined 9.9 per cent on Wednesday to close at Rs 45 on the BSE after Brickwork Ratings downgraded rating of the company’s Rs 50-crore non-convertible debentures or NCDs, while retaining its commercial paper rating for Rs 2,060 crore.
 
On June 17, CARE Ratings had downgraded its rating. On a year-to-date basis, the stock is down 73 per cent.
 
Cox & Kings, which runs tours and hotels