National

Coffee Day shares tank 20% as V.G. Siddhartha goes missing

Shares of Coffee Day Enterprises Limited has fallen 20% to touch its 52-week low of ₹154.05 after its Chairman and Managing Director V.G. Siddhartha went missing.

“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,” said a company statement on July 30.

The Coffee Day founder recently sold his 20% stake in information technology firm Mindtree to Larsen and Toubro (L&T) for ₹3,210 crore, leading to takeover of the firm by L&T.

“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,” the statement added.

Coffee Day Enterprises is valued at ₹3,254.33 crore on share price of ₹154.05 per share.

Source: thehindu.com

Leave a Reply

Your email address will not be published. Required fields are marked *