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Coffee Day Enterprises shares plunge 20%
Shares of Coffee Day Enterprises Ltd dropped 20 per cent on Tuesday
New Delhi: Shares of Coffee Day Enterprises Ltd dropped 20 per cent on Tuesday, eroding Rs 813 crore from its market valuation, after reports surfaced that its Chairman and Managing Director V G Siddhartha has gone missing.
The scrip tumbled 19.99 per cent to Rs 154.05 -- its 52-week low as well as its lower circuit limit -- on the BSE.
On the National Stock Exchange (NSE), shares plummeted 20 per cent to its lowest trading permissible limit for the day as also its one-year low of Rs 153.40 apiece.
Led by the massive drop in its share price, the company's market valuation dived Rs 812.67 crore to Rs 3,254.33 crore on the BSE.
In a filing to the BSE on Tuesday, the company said, "V G Siddhartha, CMD of Coffee Day Enterprises Ltd, is not reachable since yesterday (Monday) evening.
We are taking the help of concerned authorities." "Company is professionally managed and led by competent leadership team, which will ensure continuity of business," the filing added.
