NIFTY 50

Cafe Coffee Day founder VG Siddhartha goes missing near Mangalore: Experts discuss

Updated : July 30, 2019 09:34 PM IST

Cafe chain Coffee Day Enterprises on Tuesday confirmed that it's chairman and managing director V G Siddhartha has been missing since Monday 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," Coffee Day Enterprises said in a regulatory filing.

"Company is professionally managed and led by a competent leadership team, which will ensure continuity of business," the filing added.

Shares of Coffee Day Enterprises tanked 20 percent and hit the lower circuit limit as well as 52-week low of Rs 154.05 apiece on BSE after news surfaced that its founder has gone missing.

Siddhartha, the son-in-law of former Karnataka chief minister S M Krishna, was headed for Sakaleshpur but on the way, he had asked his driver to go towards Mangaluru, according to the police.

On reaching a bridge over the Netravati river in the Kotepura area in Dakshina Kannada district, he got down from the car and told his driver that he was going for a walk.

"He (Siddhartha) asked the driver to wait until his arrival. When he did not return even after two hours, the driver approached the police and lodged a missing complaint," deputy commissioner of Dakshina Kannada district Senthil Sasikant Senthil told PTI

CNBC-TV18's Shereen Bhan is in discussion with Saurabh Srivatsava, the co-founder of Indian Angel Network; Amrish Rau, the co-founder and CEO of Citrus Pay; Prashant Tandon, co-founder of 1mg; Harshil Mathur, CEO and co-founder of Razorpay; Shankar Sharma, vice-chairman and joint MD of First Global; Mukesh Butani of BMR Legal; Kiran Mazumdar Shaw, chairperson and MD of Biocon and Mahabaleshwara MS, MD and CEO of Karnataka Bank.

(With inputs from agencies)
primo org
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.
cnbc two logos
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
Live TV