Cafe Coffee Day shares down nearly 20% after founder VG Siddhartha goes missing
Café Coffee Day, a part of Coffee Day Global Limited, opened its first cafe in 1996 at Brigade Road in Bangalore and was listed in S&P BSE 500 in 2015.
New Delhi: Shares of popular coffee chain Cafe Coffee Day were down 19.99 percent to Rs 154.05 a piece, touching the 52-week lowest band, a day after its founder VG Siddhartha went missing from Mangaluru in Karnataka.
Café Coffee Day, a part of Coffee Day Global Limited, opened its first cafe in 1996 at Brigade Road in Bangalore and was listed in S&P BSE 500 in 2015. The company also has its presence in Austria, Czech Republic and Malaysia.
As per reports, Siddhartha had gone to Chikkamagaluru for a business trip. While coming back, he got off the Innova near Ullal bridge across the Nethravathi River near Mangalore, informed his driver. When he failed to return after 90 minutes, the driver started looking for him and alerted the police. His phone has been unreachable from Monday night.
A massive hunt has been launched by police to trace him. Police suspect Siddhartha jumped off the Ullal bridge.
Siddhartha is the son-in-law of former Karnataka Chief Minister and senior BJP leader SM Krishna.
Meanwhile, the company in a regulatory filing said, “This is to inform you that, Mr V G Siddhartha, Chairman and Managing Director of Coffee Day Enterprises Limited has not reachable since yesterday evening. We are taking the help of concerned authorities. Company is professionally managed and led by competent leadership team, which will ensure continuity of business. We will keep you posted as and when we receive further updates”.