The shares of Tours and travel services firm Cox & Kings declined to their lowest level since 2009 on Thursday after the company defaulted on the commercial papers worth Rs 174 crore.

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The stock fell 4.73 percent intraday to Rs 14.10 per scrip on the NSE. In the last one year, the company has eroded about 93 percent of investors' wealth.

Also Read: Cox & Kings plunges 32% in a week. What has spooked investors?

This is another instance within a span of four weeks that the beleaguered firm has defaulted on meeting financial obligations.

"The company is working closely with its lenders to optimise its strong asset base globally and bring the situation back to normal as soon as possible," Cox & Kings said in a regulatory filing.

Earlier in a regulatory filing on July 16, the company had said it defaulted on payment on unsecured commercial papers worth Rs 45 crore.

On July 1, Cox & Kings had stated that the company's working capital situation was stretched in the last few months, which was further impacted due to its inability to replace the short term loans with long term loans or regular working capital lines.

The company is taking all the required measures to resolve the temporary cash flow mismatch, it had said.

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