Cox & Kings hits lower circuit for 2nd day post payments default
Updated : June 28, 2019 09:55 AM IST
Share price of Cox & Kings hits lower circuit for the second consecutive day on Friday after the company in its press release said that it has defaulted on the payment of commercial papers due to cash flow mismatch and a situation exacerbated by rating downgrade.
Cox & Kings said it would meet its financial obligations "through a combination of internal accruals and monetisation of assets".
The company was required to pay Rs 200 crore, however Cox & Kings was able to pay only Rs 50 and defaulted on Rs 150 crore.