MUMBAI: Coffee Day Enterprises Ltd's shares hit 20 percent reduced circuit on Wednesday's second consecutive day after owner V.G. The corpse of Siddhartha was retrieved from Mangaluru's Netravati river.
Shares of the company hit a record low of about € 1122.75 on BSE, slumping over 44 percent since mid-July. Shares have declined by 56 percent this year. On 30 November 2015, the stock had listed on the exchanges at an issue price of approximately 328.
In January, Siddhartha had temporarily linked 2 million Mindtree stocks to the income tax department. The department also carried out raids on properties owned by Siddhartha and on CCD group offices on suspicion of tax evasion in September 2017.
"CCD promoter's recent episode has dealt a sentimental blow to investors who are already suffering a great deal of pain. The impact of this case on other organizations is still being calculated," said Deepak Jasani, Head of Retail Research, HDFC securities.
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