1. Home >
  2. Export Import News >
  3. Foreign Exchange >
  4. Cox & Kings and the family of wealth destroyers >
  5. Cox & Kings and the family of wealth destroyers

Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

Cox & Kings and the family of wealth destroyers.

Date: 16-09-2019
Subject: Cox & Kings and the family of wealth destroyers
By Ravi Dutta Mishra

MUMBAI: Apart from the general weakness in the financial markets at present, sharp fall in some prominent stocks have caught the retail investors by surprise.

Traders have resorted to panic selling, often at rates even less than a rupee, some over reports of allegations of fraud and others over poor corporate governance or fast dwindling financials.

Such companies even saw the foreign investors lowering there bets on them over a period of time.

One such stock, Cox & King, turned out to be the biggest wealth destroyers in the past year.

The travel company stocks saw an erosion of over 98 per cent of its share value in barely an year, amid rating downgrades and a series of defaults on payments towards maturity of Commercial Papers (CPs).

CARE Ratings downgraded ratings of the company, stating that 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.

Brickwork Ratings took into account the continued high levels of pledge shares by the promoters and low market capitalization while downgrading the ratings.

Foreign Portfolio Investors (FIIs) holding in Cox and Kings decreased by 3.24 per cent in June quarter. The number of FIIs holding stake in the company has decreased to 99 from 103.

Scrip prices of Gym and fitness chain, Talwalkars Better Value Fitness fell off the cliff from Rs 65.50 apiece an year back to Rs 5.51 on September 11 over violation of SEBI and exchange regulation.

Besides, it failed to pay the annual listing fees.

The 25 year old Yarn maker, Spentex Industries which is now reduced to Rs 0.73 apiece is still witnessing selling over such levels.

The company was caught up in major financial troubles since 2015.

Another prominent name that caused massive wealth erosion was Yes BankNSE -1.24 %. The private lender is also one of the most volatile stock on the exchanges.

Yes Bank lost nearly 80 per cent of its share value in the past year, over multiple rating downgrades ever since it logged its first ever quarterly loss.

Besides the stock was punished for having significant stake in the fraud hit CG power.

From Rs 328.95 apiece on September 19, 2018 Yes Bank scripts fell to its 52 week low of Rs 53.15 last month.

DHFL saw its finances dwindle ever-since, investigative news portal Cobra Post alleged that DHFL was involved in a fraud.

It missed paying interest on crores worth of Non-convertible debentures (NCD). Rating agencies were seen downgrading company's debentures, bonds, commercial paper and other credit instruments.

DHFL lost over 94 per cent of its share value within the span of an year. From Rs 623.65 apiece on September 14 last year, DHFL fell to Rs 37.10, last month to log its 52 week low.

India Bulls Housing FinanceNSE -1.21 %, in the last year has too witnessed a significant loss of market cap owing to allegations of misappropriation of fund.

Indian bulls lost over 67 per cent as it slipped from Rs 1,237.75 a share on September 14 to Rs 406.20 apiece earlier in the moth to hit its 52 week low.

Source: economictimes.indiatimes.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Exim Help

What is New?

Date: 01-06-2020
Notification No. 08/2015-2020-DGFT
Amendment in Export Policy of Alcohol based Hand Sanitizers

Date: 01-06-2020
Public Notice No. 07/2015-2020
Amendments in the Appendix 3B, Table 2 of the Merchandise Exports from India Scheme (MEIS)

Date: 01-06-2020
Public Notice No. 09/2015-2020
Amendments in the Appendix 3B, Table 2 of the Merchandise Exports from India Scheme (MEIS)

Date: 29-05-2020
Circular No. 26/2020-Customs
Review of Circular No. 17/2020 dated 03.04.2020 namely, 'Measures to facilitate trade during the lockdown period- section 143 AA of the Customs Act, 1962'

Date: 29-05-2020
Notification No. 48/2020-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg.

Date: 28-05-2020
Notification No. 07/2015-2020
Amendment in Export Policy of Paracetamol API

Date: 28-05-2020
Instruction No. 7/2020- Customs
Special drive for disposal of applications for fixation of Brand Rate of Duty Drawback.

Date: 27-05-2020
Notification No. 9/2020-Customs (ADD)
Seeks to levy definitive anti-dumping duty on imports of 'Electronic Calculators of all types excluding calculators with attached printers, commonly referred to as printing calculators; calculators with ability to plot charts and graphs, commonly referred to as graphing calculators; programmable calculators',originating in, or exported from, People's Republic of China for a period of five years, in pursuance of final findings of sunset review investigations issued by DGTR and in supersession of the notification No. 24/2015- Customs (ADD), dated the 29th May, 2015.

Date: 22-05-2020
Notification No. 47/2020-CUSTOMS (N.T.)
Appointment of CAA in case of in case of M/s Satnam Steels, Rajkot.

Date: 22-05-2020
PUBLIC NOTICE No. 06/2015-2020
Inclusion of Gopalpur Port, Odisha as a Port of Registration under Para 4.37 of Handbook of Procedures, 2015-2020.

Exim Guru Copyright © 1999-2020 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.


C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001