Coffee Day stocks sink 20 percent for 2nd day

The shares of Coffee Day Enterprises shares fell 20 percent on Wednesday following the founder VG Siddhartha, was found dead.

The body of Siddhartha, chairman and managing director of Coffee Day Enterprises, was found 36 hours after he went missing from a bridge off Mangaluru in Karnataka.

Wednesday’s trading day marked a second straight day of sharp losses in the Coffee Day stock.

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 Rs. 123.25 and Rs. 58.25 respectively. SICAL Logistics is promoted by VG Siddhartha.

In the last six sessions Coffee Day slumped 38.34 percent.

Siddhartha owns 32.75 percent stake in the Coffee Day Enterprises. Together with his family, he controlled 53.93 percent of the firm.