Cox & Kings tanks 40% in a week on ratings downgrade, payments default

Shares of Cox & Kings were locked in the 10 per cent lower circuit for the third straight day on Friday to quote at Rs 36 apiece on the BSE after the company defaulted on commercial paper worth Rs 150 crore.

There were pending sell orders for 5.16 million shares representing 3 per cent of total equity capital of Cox & Kings on the NSE and BSE, the exchange data show.

Cox & Kings, which runs the tours and hotels business in India and abroad, was trading at an all-time low, plummeting 40 per cent in past one week. In