Shares of Coffee Day Enterprises and SICAL Logistics plunged 20 percent each on Tuesday, a day after its promoter VG Siddhartha went missing.
On BSE, Coffee Day Enterprises and SICAL Logistics shares fell by the daily maximum limit of 20 percent each to INR₹ 154.05 and INR₹ 72.80 respectively.
Coffee Day Enterprises said in an exchange filing on Tuesday that its chairman and managing director is “not reachable since yesterday evening”.
“We are taking the help of concerned authorities. Company is professionally managed and led by competent leadership team, which will ensure continuity of business,” Coffee Day Enterprises said on Tuesday.
Siddhartha has gone missing from near the Netravati river off the coastal town of Mangalore. The police have launched a massive search operation near the one-kilometre-long bridge. Divers from NDRF personnel and Navy have joined the search operation.
About Cafe Coffee Day (CCD):
Cafe Coffee Day Global limited Company is a Chikkamagaluru-based business which grows coffee in its own estates of 20,000 acres. It is the largest producer of arabica beans in Asia exporting to various countries including USA, Europe and Japan.
As of March 2018, there are 1,772 outlets across 28 states of India. Cafe Coffee Day has also expanded outside India with its outlets in Austria (Vienna), Czech Republic, Malaysia, Egypt and Nepal.
The company is known for being vertical integrated to cut costs: from owning the plantations,growing the coffee, making the coffee machines to making the furniture for the outlets.
They serves 1.8 billion cups of coffee, annually, in six countries.