Founder of India’s largest coffee chain found dead

Shares in Coffee Day Enterprises drop on the news
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Cafe coffee day, Coffee chain, Starbucks

VG Siddhartha, founder of India’s largest coffee chain Café Coffee Day, has been found dead

Siddhartha went missing on Monday, July 29, after leaving his car and driver close to the city of Mangalore.

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According to Indian media, police are following a line of enquiry that he jumped off a bridge into the Netravati river where his body was found on Wednesday morning.

Based in Bangalore, Café Coffee Day has more than 1,700 outlets across the country – significantly more than Starbucks.

News of Siddhartha’s disappearance sent Coffee Day Enterprise stocks, of which Siddhartha is a 32.75% shareholder, plummeting 20% to an all-time low.

Coffee Day Enterprises said in a statement to the BSE stock exchange, before Siddhartha's body was found: “The company is professionally managed and led by competent leadership team, which will ensure continuity of business.”

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