Cox & Kings and family of wealth destroyers: Investors flee stocks even at all-time low price
Updated : September 16, 2019 08:47 AM IST
The travel company stocks saw an erosion of over 98 percent of its share value in barely an year, amid rating downgrades and a series of defaults on payments towards maturity of commercial papers.
CARE Ratings downgraded ratings of the company, stating that the rating strengths are tempered by exposure of the company's travel business to macro-economic factors prevailing in the markets to which it caters and the fragmented nature of the domestic travel industry.
Foreign institutional investors (FIIs) holding in Cox & Kings decreased by 3.24 percent in June quarter.
Have you signed up for Primo, our daily newsletter?
It has all the stories and data on the market, business, economy and tech that you need to know.
THANK YOU! You made our day. See you every morning
YOUR EMAIL IS ON ITS WAY. Check your inbox for future updates.
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more