Coffee Day Enterprises shares have again hit a lower circuit, sinking as much as 20%, after VG Siddartha's body has been recovered from Mangalore. The founder of the enterprise had been missing since July 29.
Siddartha started his Café Coffee Day venture with its first outlet at Brigade Road in Bengaluru in 1996. The retail format was then aggressively taken offby Naresh Malhotra and now the Coffee chain spans several countries including Austria, the Czech Republic and Malaysia.
Sringeri MLA TD Rajegowda reportedly said to IANS news agency that Siddartha was upset with the course of torture of the Income tax department and wanted to pare debt by selling 2-3 properties as he had more assets than liabilities.
Also, the tragic incident needs reflection by the government on its anti-government policies.
As per the letter, it is being proposed that the entire business of the deceased may be put on the block as in such a situation it has become intenable to run the organization.
Coffee Day Enterprises were knocked down to a 52-week low of Rs. Rs. 123.25 per share in early trade.