MENU × BUSINESS
Banking And InsuranceCryptocurrencyDigital MarketingErpFood And BeveragesHealthcareLegalMarketing And AdvertisingMedia And EntertainmentMetals And MiningOil And GasRetailTelecom
TECHNOLOGY
Artificial IntelligenceBig DataCloudCyber SecurityE CommerceEducationGaming And VfxIT ServiceMobileNetworkingSAPScience And TechnologySecuritySoftwareStorage
PLATFORM
CiscoDatabaseGoogleIBMJuniperM2MMicrosoftOracleOracleRed Hat
LEADERSHIP
CEO ReviewCompany Review
MAGAZINE
ASIA INDIA
STARTUPS CLIENT SPEAK CONTACT US

The Silicon Review Asia

VG Siddharta’s Sudden Demise Sends Café Coffee Day Stocks Plummeting

VG Siddharta’s Sudden Demise Sends Café Coffee Day Stocks Plummeting

Café Coffee Day, India’s homegrown chain of coffee shops, has seen better days. The founder, managing director and chairman of its parent company Coffee Day Enterprise went missing on Tuesday, following which the company’s stocks went down. Things have now taken a turn from bad to worse for the popular chain when the chairman, VG Sidddharta’s body was found in the Netravathi River in the early hours of Wednesday morning.

The company was founded in 1994 by VG Siddharta and now boasts of 1, 843 outlets, most of which are in India with a few being in Austria, Nepal, Egypt, Malaysia, and the Czech Republic. Shares of the company fell by over 20% for a second day, down from Rs.154.05 on Tuesday to Rs.123.25 on Wednesday. The prices have taken an overall 37% dip in two days following the widely published news of its chairman disappearance and that of his death.

Following the drop in prices, the company’s current market cap now sits at Rs.2, 603 crore ($360 million approximately), down from Rs.3, 254.3 crore ($450 million approximately) before today’s drop. All the outlets of the chain across the nation remain closed as a mark of respect for the founder and chairman.

The company grows its coffee on its own estates that are spread out across an area of 20,000 acres. It is the largest producer of Arabica coffee beans in Asia.

YOU MAY ALSO LIKE

Tariff plans will cost higher from the next financial year as telecom companies are gearing up to increase rates

The ongoing Covid pandemic had significantly increased the number of mobile and internet users worldwide. The high amount of usage is expected to drop...

Business Travelers to Stay at Singapore’s Changi Airport Bubble

Singapore’s open economy depends heavily on tourism and business. But its vibrant but small economy has been hurting as the circumstances due to...

Countries in Asia-Pacific are marching towards ‘green recovery’ amidst Covid-19 crisis

2020 has been an unforgettable year for many of us. The ongoing Covid crisis has reminded people that it is very important to have an uninterrupted an...

Department of Telecommunication to announce the new schedule for 5G trials

Department of Telecommunications (DoT) is all set to announce the new schedule for 5G trials. The Dot made this decision after being pulled by the par...

RECOMMENDED