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Cafe Coffee Day share price falls 20% after founder VG Siddhartha goes missing

Cafe Coffee Day (CCD) Share Price Today: The founder of CCD, was on his way to Mangaluru - a port city around 350 kilometers from India's tech hub of Bengaluru. Siddhartha reportedly asked his driver to wait for him on a bridge, and never returned.

By: Express Web Desk | Bengaluru |
Updated: July 30, 2019 12:56:29 pm
Shares of the coffee chain CCD plunged 20 per cent in early trading on Tuesday. (Express photo)

Cafe Coffee Day (CCD) Share Price: Hours after Mangaluru Police launched a search for missing Cafe Coffee Day owner VG Siddhartha, the son-in-law of former Karnataka chief minister SM Krishna, the shares of the coffee chain plunged 20 per cent in early trading on Tuesday, Reuters reported.

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En-route a business trip to Sakaleshpur, Siddhartha was last seen near the Ullal bridge over the Netravati River and was reported missing from Mangaluru on Tuesday, PTI reported. The 55-year-old reportedly asked his driver to take him near the bridge, from where he got down and said he was going for a walk. There are over 200 policemen and divers on about 25 boats searching for Siddhartha at the bridge. Sniffer dogs have also been deployed at the site.

ccd

In a regulatory filing to Securities and Exchange Board of India (SEBI), Coffee Day Enterprises said Siddhartha has not been reachable since last evening. “V G Siddhartha, Chairman and Managing Director of Coffee Day Enterprises Limited is not reachable since yesterday evening. We are taking the help of concerned authorities,” the filing stated.

“Company is professionally managed and led by competent leadership team, which will ensure continuity of business,” the filing added.

ccd Cafe Coffee Day head office in Bengaluru. (Express photo)

Siddhartha was recently in the news after he sold about 20 per cent of his stake in tech company Mindtree Ltd to engineering and construction company Larsen & Toubro Ltd . He was also in talks with Coca-Cola Co to sell his flagship chain to the snack food and cola giant, Reuters quoted local media.

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