Coffee Day shares hit another lower circuit; tank over 48 per cent in 4 days
Coffee Day Enterprises stock plunged over 48 per cent in four days to hit its fresh lower circuit limit as wary investors took to selling amid slew of negative news aswirl about the company.
In four days of heavy selling, when shares of the company have tanked over 48 per cent, its market valuation has been eroded by Rs 1,956.6 crore to Rs 2,110.40 crore on the BSE.
On Friday, the scrip plummeted 9.96 per cent to a fresh 52-week low as well as lower circuit of Rs 99.90 on the BSE.
At the NSE, it cracked 10 per cent to its lower circuit limit and one-year low of Rs 99.45.
Coffee Day Enterprises on Wednesday named independent director S V Ranganath as the interim chairman of the company to replace its founder VG Siddhartha, who was confirmed dead, days after he went missing.
Siddhartha’s body was recovered from a river near Mangalore on Wednesday.
The coffee tycoon seemed to be under severe financial stress before his death with his Coffee Day Enterprises’ liabilities doubling to over Rs 5,200 crore and his unlisted ventures for realty and hospitality having similar levels of debt, as per regulatory filings with stock exchanges and the corporate affairs ministry.