VG Siddhartha was the founder of the Cafe Coffee Day (CCD) chain Coffee Day Enterprises shares plunged 20 per cent on Wednesday.
VG Siddhartha, founder of the Cafe Coffee Day chain, was found dead on Wednesday morning.
The body of Mr Siddhartha, chairman and managing director of Coffee Day Enterprises, was found 36 hours after he went missing from a bridge near Mangaluru in Karnataka.
Wednesday's trading session marked a second straight day of sharp losses in the Coffee Day stock.
SICAL Logistics shares were also locked in the lower circuit at 20 per cent for a second straight session.
Here are 10 things to know:On the Bombay Stock Exchange (BSE), Coffee Day Enterprises and SICAL Logistics shares fell by the daily maximum limit of 20 per cent each to Rs123.25 and Rs 58.25 respectively.Mr Siddhartha, the founder of the Cafe Coffee Day (CCD) chain, had not been reachable since late Monday, his flagship entity Coffee Day Enterprises said in a regulatory filing on Tuesday.Mr Siddhartha was the owner of cafe chain Cafe Coffee Day and also one of the promoters of SICAL Logistics.He owneda 32.75 per cent stake in Coffee Day Enterprises.Together with his family and holding companies, he controlled 53.93 per cent of the firm.Mr Siddhartha was recently in the news after he sold about 20 per cent of his stake in tech company Mindtree to engineering and construction company Larsen - Toubro.Mr Siddhartha, whose Cafe Coffee Day chain has more than 1,600 stores across the country, was widely recognised for bringing the coffee shop culture to India more than 10 years before global coffee shop giant Starbucks Corp began its foray into the country.He was also widely seen as a savvy venture capital investor, who made some prescient early investments in IT services firms like Infosys and Mindtree in the 1990s.Shares in Coffee Day Enterprises were on course to end lower for a sixth session in a row.
As of Tuesday's closing price, the stock had declined 22.94 per cent in the past five sessions.At 10:46 am, the Coffee Day Enterprises stock was locked in the lower circuit at Rs 123.25 while SICAL Logistics shares traded 18.06 per cent lower at Rs 59.65, as against a 0.57 per cent fall in the benchmark Sensex index.Coffee Day Enterprises shares are down 44.37 per cent so far this year.(With inputs from Reuters)Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com.
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