Cox & Kings (India) Ltd. has defaulted on payment of commercial papers worth Rs 150 crore due to cash flow mismatch and a situation exacerbated by ratings downgrade, the travels and tours company said in an exchange filing on Thursday.
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 but was able to pay only Rs 50 crore.
"We wish to further state that the company has been meeting its liability obligations. However, due to cash flow mismatch and a situation exacerbated by rating downgrade, the company proposes to meet its financial obligations through a combination of internal accruals and monetisation of assets," said Cox & Kings in a regulatory filing.
On Thursday, Cox & Kings shares fell 10 percent to Rs 40.50 apiece on the BSE while the benchmark Sensex shed 0.01 percent to end the day at 39,586.41 points.
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