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Coffee Day slumps about 36% in two sessions

Capital Market 

Coffee Day Enterprises was locked in a lower circuit of 20% at Rs 123.25 at 10:14 IST on the BSE on reports that the company's founder V G Siddhartha's body was found on the banks of the river near the Hoige Bazaar in Mangaluru.

Meanwhile, the S&P BSE Sensex was down by 142.15 points or 0.38% to 37,257.52.

On the BSE, 2792 shares were traded in the counter so far compared with average daily volumes of 10000 shares in the past two weeks. The stock had hit a low of Rs 123.25 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, the body of Cafe Coffee Day founder V G Siddhartha has been found from the Nethravathi river. Siddhartha went missing on Monday night en route to Mangaluru, with a letter purportedly written by him showing he was under "tremendous pressure" from lenders and one of the private equity partners (PEs). The letter also alleged "a lot of harassment" from tax authorities.

Shares of Coffee Day Enterprises have plunged 38.34% in six trading sessions to its current market price of Rs 123.25, from a recent closing high of Rs 199.90 on 23 July 2019.

The stock plunged 35.99% in two trading sessions to its current market price of Rs 123.25, from a closing of Rs 192.55 on Monday, 29 July 2019.

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.

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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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, July 31 2019. 10:28 IST