Updated: July 30, 2019 12:56:29 pm
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.
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.
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.
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.
📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines
- The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.