TIL Desk/Business/Mumbai/ Shares of Coffee Day Enterprises hit a lower circuit limit of 20 per cent in Tuesdays trade on reports that founder VG Siddhartha has been missing since Monday night. Siddhartha left in his Innova car towards Mangaluru last night, stopped midway at Ullal bridge on the Netravati river, and went missing there after.
The company’s shares hit a 52-week high of Rs 325 last year in September 2019. Whereas it touched a 52-week low of Rs 154.05 in today’s trade. The Cafe Coffee Day has registered a revenue of Rs 1,777 crore in the financial year 2018 and Rs 1,814 crore in the financial year 2019. It has a global presence in countries such as Vienna, the Czech Republic, Malaysia, Nepal and Egypt.
In a letter that VG Siddhartha left the Board of Directors and employees of the company, he said that he gave up as he could not take any more pressure from one of the private equity partners who was forcing him to buy back shares, a transaction he had partially completed six months ago by borrowing a large sum of money from a friend. “Tremendous pressure from other lenders led to me succumbing to the situation,” he wrote.
