The famed coffee chain of India, Café Coffee Day (CCD) hit the 20% LC the moment it opened for trading today, hitting a new low at Rs.154.05.
The morning today dawned with the very disturbing news of the founder of CCD, VG reportedly missing since late on Monday (July 29) from near Mangaluru in Karnataka.
Siddhartha, the son-in-law of former Karnataka Chief Minister SM Krishna, went missing near the Netravati river. On reaching the Netravati river bridge, he asked his driver to drop him off as he wanted to take a walk. However, when there was no sight of him even after an hour, the driver alerted the family, and they in turn informed the authorities. All fingers now point towards a suicide though it is yet to be confirmed. The police, revenue authorities and expert swimmers are conducting search operations in the river on the assumption that he may have jumped / fallen into the river.
In a heart wrenching letter, which he wrote to the Board of Directors and Coffee Day family he said that he had fought for a long time, but was giving up as he could not take any more pressure from one of the private equity partners who was forcing him to buy back shares. He said that he is undergoing "tremendous pressure" from other lenders and that made him succumb to the situation.