Coffee Day hits lower circuit after founder goes missing

Coffee Day Enterprises was locked in a lower circuit of 20% to Rs 154.05 at 9:44 IST on the BSE after the company's owner V.G.Siddhartha was reported missing from close to Mangaluru on Tuesday.

Meanwhile, the S&P BSE Sensex was up by 243.53 points or 0.65% to 37,929.90.

On the BSE, 4290 shares were traded in the counter so far compared with average daily volumes of 9554 shares in the past two weeks. The stock had low a high of Rs 154.05 so far during the day, which is also 52-week low for the counter. It hit a 52-week high of Rs 325 on 21 September 2018.

According to media reports, Siddhartha has been missing since Monday night. He left in his car towards Mangaluru last night, stopped midway at Ullal bridge, and went missing thereafter. There have been reports of Siddhartha having thrown himself off a bridge into Nethravati River.

In April, Siddhartha exited from his investments in IT services company Mindtree by offloading a little over 20% stake held by him and his associates in favour of L&T at Rs 980 per share.

Siddhartha is the son-in-law of former Karnataka chief minister S.M.Krishna.

On a consolidated basis, Coffee Day Enterprises' net profit fell 74.3% to Rs 8.92 crore on 17% increase in net sales to Rs 1322.20 crore in Q4 March 2019 over Q4 March 2018.

Coffee Day Enterprises owns and operates cafe chain outlets under the Cafe Coffee Day (CCD), The Lounge and The Square brand names.

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