Market

Coffee Day Enterprises shares fall 20% after founder VG Siddhartha goes missing

Updated : July 30, 2019 10:57 AM IST

Shares of Coffee Day Enterprises hit lower circuit on Tuesday after founder VG Siddhartha went reportedly missing from last evening.

Intraday, the stock price fell 20 percent to its day's low of Rs 153.40 per share on the NSE.

VG Siddhartha, founder of India's largest coffee chain Cafe Coffee Day got off from his car near a bridge across the river Nethravathi near Mangalore and went missing, said reports.

Coffee Day Enterprises shares fall 20% after founder VG Siddhartha goes missing

Shares of Coffee Day Enterprises hit a 20 percent lower circuit on Tuesday after founder VG Siddhartha went reportedly missing from last evening. CCD shares traded at Rs 153.40 per share on the NSE.

A panicked driver went down looking for his master, but could not find him anywhere. After that he alerted the family members who in turn informed the police.

Meanwhile, in a letter to CCD's board, Siddhartha said that he has failed to create the right profitable business model despite best efforts.

"I would like to say I gave it my all, I am very sorry to let down all the people that put their trust in me. I fought for a long time but today I gave up as I could not take any more pressure from one of the private equity partners forcing me to buy back shares," he said.

According to his driver, Siddhartha, known as the Coffee king of India was talking to someone on his mobile phone when he got off from the car near Kotekar.

The news of Siddhartha's disappearance has spread like wildfire across Karnataka and hundreds of his relatives and friends have gathered at his father in law and former Karnataka CM SM Krishna's house in Bengaluru.

Coffee Day

Even CM BS Yeddyurappa has reached SMK's house in the morning. Siddhartha is married to SM Krishna's first daughter Malavika. They have two sons.

Catch all the latest and live updates here on CNBC TV18 Market Live Blog.

Disclaimer: CNBCTV18.com advises users to check with certified experts before taking any investment decisions.

Have you signed up for Primo, our daily newsletter?

It has all the stories and data on the market, business, economy and tech that you need to know.

To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more