VG Siddhartha, the founder of Cafe Coffee Day, has been reported missing since 29th July evening.
According to a TOI report, it is suspected that he might have committed suicide by jumping off a bridge in Ullal in Mangaluru.
VG Siddhartha had asked his driver to drive him to the Ullal bridge. He got down from the car and asked his driver to drive a little further and stop. He didn’t return after that.
According to reports by IndiaToday, CCD had run into losses of ₹7,000 crore and he has sent a letter to the Board of Directors of the Cafe Coffee Day family including Malavika Hegde, S.V. Ranganath, Dr. Albert Hieronimus, Sanjay Omprakash Nayar, and Sulakshana Raghavan. The letter reads:
“V G Siddhartha, Chairman and Managing Director of Coffee Day Enterprises Limited is not reachable since yesterday evening. We are taking the help of concerned authorities,” Coffee Day Enterprises said in a regulatory filing.
“Company is professionally managed and led by a competent leadership team, which will ensure continuity of business,” the filing added.
As of now, around 200 personnel have been deployed to locate Siddhartha.
After the news hit the Internet, CCD share price tanked 20 percent and hit the lower circuit limit as well as 52-week low of Rs 154.05 apiece on BSE.
VG Siddhartha first opened his CCD outlet in Bengaluru in August 1996 and the chain has grown to countries like Vienna, the Czech Republic, Malaysia, Nepal and Egypt.