CCD Shares Fall 20% After VG Siddartha Goes Missing

Cafe Coffee Day (CCD) shares cracked a steep 20% after its founder VG Siddartha who also happens to the son-in-law of the former Karnataka Chief Minister SM Krishna goes missing. The shares were locked at the lower end of the circuit filter at Rs 153.40.

The entrepreneur is missing from late Monday night.

The Mangaluru Police Commissioner, Sandeep Patil, said that Siddartha had left Bengaluru on Monday saying he is going to Sakleshpur. But on his way he told his drive to go to Mangaluru.

As part of special arrangement, search operation is underway in the Nethravathi river in Mangaluru.

The Commissioner who is in Bengaluru said he visited the house of former CM and had a word with Siddartha's wife as well as other relatives.

In a letter VG Siddhartha apologised to his team for having "failed to create the right profitable business model despite (his) best efforts." He further said, "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, a transaction I had partially completed six months ago by borrowing a large sum of money from a friend. Tremendous pressure from other lenders lead to me succumbing to the situation."

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