Cox & Kings hits lower circuit after payment default

The Cox & Kings stock hit lower circuit for the second consecutive day after the company said that it has defaulted on the payment of commercial papers due to cash flow mismatch and a situation exacerbated by a rating downgrade. Cox & Kings also 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 but was able to pay only Rs 50 and defaulted on Rs 150 crore.