Cafe Coffee Day shares drop 20% after founder VG Siddhartha goes missing
Shares of Coffee Day Enterprises Ltd tanked 20% after its founder VG Siddhartha went missing in Karnataka’s Mangaluru on Monday.
Siddhartha’s driver told police that he asked him to drop him off near the Netravathi bridge in Mangaluru for a walk. When he didn’t come back after an hour the driver contacted police.
Siddhartha is the son-in-law of former foreign minister and ex-Karnataka chief minister SM Krishna.
Coffee Day Enterprises slumped as much as 20% to 153.40 rupees, their lowest level on record. The broader S&P BSE Sensex index was up 0.4%, Bloomberg reported.
Cafe Coffee Day is the main rival of Starbucks in India and has over 1500 outlets across the country.
The company was founded by VG Siddhartha in 1993 and opened its first café in Bengaluru.