Default of Vanguard-Backed Indian Travel Planner Sends Shares to Record Low
- Cox & Kings’s India unit misses debt repayment on unsecured CP
- Travel planner’s shares fell to a record low after the default
The Taj Mahal
Photographer: Julian Finney/Getty Images
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A travel planner in India backed by the world’s second-largest asset manager Vanguard Group has defaulted on debt and its shares fell to a record low, as cracks in the nation’s credit market spread.
Cox and Kings Ltd. has paid only 500 million rupees ($73 million) of the two billion rupees due June 26 on unsecured commercial papers, according to an exchange filing late Thursday evening. Shares of the company dropped by their daily limit of 10% on Friday, the lowest since its trading debut in 2009.