V.G. Siddhartha, Café Coffee Day's fortunes and the story behind it all

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

The Cafe Coffee Day head office in UB City, Vittal Mallya Road in Bangalore

The Cafe Coffee Day head office in UB City, Vittal Mallya Road in Bangalore   | Photo Credit: V Sreenivasa Murthy

The company is valued at ₹3,254.33 crore on share price of ₹154.05 per share

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.

A letter from the Editor

Dear reader,

We have been keeping you up-to-date with information on the developments in India and the world that have a bearing on our health and wellbeing, our lives and livelihoods, during these difficult times. To enable wide dissemination of news that is in public interest, we have increased the number of articles that can be read free, and extended free trial periods. However, we have a request for those who can afford to subscribe: please do. As we fight disinformation and misinformation, and keep apace with the happenings, we need to commit greater resources to news gathering operations. We promise to deliver quality journalism that stays away from vested interest and political propaganda.

Support Quality Journalism
This article is closed for comments.
Please Email the Editor

Printable version | May 26, 2020 4:20:40 PM | https://www.thehindu.com/business/markets/coffee-day-shares-tank-20-as-vg-siddhartha-goes-missing/article28755343.ece

Next Story