Business

Shares of Indian coffee chain tank 20% after founder VG Siddhartha found Dead.

Shares of the largest Indian Coffee Chain tumbles as the founder goes missing on Tuesday.The stock of Cafe Coffee Day (CODE.NS). The stock slumped down by 20 % to hit an all-time low price after the news of the founder and the largest shareholder went live. VG Siddhartha, the founder was on his way to Mangaluru, a port city, 350 kilometers away from Bengaluru. He asked his driver to wait for him near a bridge but after half an hour of him being gone, the driver panicked and tried calling him. But his phone was switched off.

The entrepreneur may have ended his life as he confronted pressure over exceptional obligation and unpaid contribution, local media announced, referring precisely that was purportedly composed by Siddhartha and routed to the leading group of the organization on July 27. Siddhartha was as of late in the news after he sold about 20% of his stake in tech organization Mindtree Ltd to designing and development organization Larsen and Toubro Ltd. He was additionally in converses with Coca-Cola Co to sell his leader chain to the nibble nourishment and cola goliath, as indicated by nearby media.

“I would like to say I gave it my all. I am very sorry to let down all of the people that put their trust in me. I fought for a long time, but today I gave up,” Siddhartha allegedly wrote in the letter, which was available on social media and published by media. However, Coffee day has refused to the comments in the letter.

The company’s stock hit an all-time low on Tuesday. Shares were trading at 153.4 rupees, as of 0625 GMT, after hitting their lower circuit for the trading day. Coffee Day tried to convince the investors and stakeholders’ concerns, saying in its recording that the “organization is expertly seen and driven by skillful initiative group, which will guarantee the progression of the business.”

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Tanushka Kumar

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