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Cox & Kings share price falls to all-time low, market capitalisation below Rs 1,000 cr for second straight day

Cox and Kings share price fell to an all-time low of 43.75, down 9.61% compared to the previous close of 48.40 on BSE. Cox and Kings share price opened 9.61% lower at 43.75 level in trade today.

twitter-logo BusinessToday.In        Last Updated: June 25, 2019  | 10:38 IST
Cox & Kings share price falls to all-time low, market cap below 1K cr for second straight day
Cox and Kings share price fell to an all-time low of 43.75, down 9.61% compared to the previous close of 48.40 on BSE. Cox and Kings share price opened 9.61% lower at 43.75 level in trade today.

Cox & Kings share price hit all-time low in trade today after rating agency Credit Analysis & Research (CARE) revised the ratings assigned to the bank facilities of the multinational travel firm. Cox & Kings share price fell to an all-time low of 43.75, down 9.61% compared to the previous close of 48.40 on BSE. Cox & Kings share price opened 9.61% lower at 43.75 level in trade today.

Cox & Kings share price has lost 75.92% during last one year and fallen 69.40% since the beginning of this year. Later, the small cap stock recovered some lost ground and was trading 5.37% higher at 51 level on BSE.

CARE Ratings said, "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. The timeliness, adequacy of the asset monetisation and the subsequent reduction in debt remains the key rating monitorable".

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The ratings are also tempered by continued high level of pledged shares by promoters and reduced financial flexibility as a result of decline in Cox & Kings' market capitalization, it added.

At the end of March 2019 quarter, promoters held 49.80% stake in the firm of which 63.28% stake was pledged. Cox & Kings market capitalisation stood at Rs 900. 48 crore on BSE in morning trade.

Of late, the firm's market capitalisation has been shrinking. It fell below Rs 1,000-crore level on Monday to close at Rs 854.57 crore on BSE. Exactly, four years ago, Cox & Kings market capitalisation stood at Rs 4,357.32 crore.

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The travel firm reported a consolidated net profit of Rs 1,388.84 crore for the quarter ended March 31, 2019. The company had posted a net loss after taxes and share of profit/loss of associates of Rs 53.36 crore for the corresponding period of the previous fiscal, Cox & Kings said.

Consolidated total income from operations of the company stood at Rs 1,262.89 crore for the quarter under consideration. It was Rs 1,214.04 crore for the same period year ago. For the fiscal year ended March this year, the company logged net profit at Rs 1,689.65 crore as against Rs 429.67 crore for the previous fiscal year.

The company's total income from operations stood at Rs 5,785.98 crore for the fiscal year ended March 2019. It was Rs 5,034.37 crore for the year ago fiscal year.

Edited by Aseem Thapliyal

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