"The company is working closely with its lenders to optimise its strong asset base globally and bring the situation back to normal as soon as possible," Cox & Kings
The stock locked in lower circuit for the 16th straight day. In past two months, it tanked 81 per cent, against 3 per cent rise in the S&P BSE Sensex.
On July 11, the rating agency CARE Ratings revised Cox & King’s long-term bank facilities of Rs 1,760 crore to 'CARE D' from 'CARE C'. "The revision in ratings assigned to Cox and Kings takes into account default in CP (carved out) redemption due on July 9 and overdues in bank accounts," it said.
Till 02:03 pm, a combined 81,621 shares changed hands on the counter and there were pending sell orders for 12.9 million shares on the BSE and NSE.