india

Updated: Jul 30, 2019 12:21 IST

Coffee Day Enterprises, the company which owns Cafe Coffee Day chain on Tuesday wrote to the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) confirming the absence of its Chairman and Managing Director V G Siddhartha.

“This is to inform you that V G Siddhartha, Chairman and Managing Director of Coffee Day Enterprises Limited has not been reachable since yesterday evening. We are taking the help of concerned authorities. Company is professionally managed and led by a competent leadership team, which will ensure continuity of business,” informed the letter to both the stock exchanges.

Earlier, Coffee Day Enterprises shed 20 per cent to trade at Rs 154.05 per share after its founder was reported missing.

The 58-year-old businessman, son-in-law of former Karnataka chief minister and former external affairs minister S M Krishna has been untraceable since last evening from Mangaluru.

Siddhartha was spotted last on Monday evening on the Netravati bridge where he had gone for a stroll, a senior Karnataka police officer said on Tuesday.

A search operation launched by police is underway and dog squad and inflatable boats have been deployed in the search.

“We used the dog squad and it stopped at the middle of the bridge. We are taking help of the local fisherman to search in the river. Everyone that he had spoken last is being contacted for relevant information”, the police commissioner said.

(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.)