Cox & Kings and the family of wealth destroyers
Sunday - September 15, 2019 10:24 am , Category : BUSINESS
Mumbai, Sep 15 (IANS) Apart from the general weakness in the financial markets at present, sharp fall in some prominent stocks have taken retail investors by surprise.Traders have pressed the sell button on several companies out of sheer panic, often due to allegations of fraud or poor corporate governance. The sale option is being exercised even though scrips are touching historic low levels. 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).Cox and King's stock price fell to Rs 3.10 apiece on September 11 from Rs 223.40, it's 52 week high, in September 14, 2018 on the BSE.Another prominent name that caused massive wealth erosion was Yes Bank. The private lender is also one of the most volatile stock on the exchanges.Yes Bank lost over 83 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 Finance, in the last year has too witnessed a significant loss of market cap owing to allegations of misappropriation of fund.Indian bulls fell 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.
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