Care downgrades Cox and Kings rating to ‘default’ grade
On Wednesday, Cox & Kings defaulted on commercial paper of Rs 125 crore.
In an evening release, Cox and Kings said the ratings agency has downgraded issuer rating on Rs 1,750 crore long-term facilities and Rs 1,685 crore commercial paper to ‘D’, while it reaffirmed the company’s Rs 250 crore non-convertible debenture issue, and Rs 375 crore commercial papers at ‘D’ or default rating.
On Wednesday, Cox & Kings defaulted on commercial paper of Rs 125 crore, a third default of the company in the past fortnight, totaling Rs 325 crore.
Shares of Cox & Kings were locked in lower circuit for 12th straight session, down 5 per cent at Rs 23.20.
Its shares have eroded 71 per cent of its market value over the last one month, and shares are trading at a fresh low.
On July 1, Cox and Kings defaulted on a commercial paper, and have been witnessing a slew of rating downgrades as it grapples with a liquidity crisis.