Coffee Day Enterprises share price fell for the 12th straight session in trade on Wednesday since company's MD and Chairman VG Siddhartha went missing on the evening of July 29. Siddhartha's body was recovered from Netravathi river on the morning of July 31. The stock hit a historic fresh low of 81.25 after it was locked in lower circuit of 4.97% on BSE and NSE today.
Investors of Coffee Day Enterprises, the holding company of cafe chain Cafe Coffee Day have lost Rs 2,351.23 crore in market wealth since July 29. The market capitalisation of the firm on Wednesday stands at Rs 1,716.42 crore compared to Rs 4,067.65 crore on July 29.
Starting the day with another gap down pattern, Coffee Day Enterprises share price opened at a loss of 4.97% to the lower circuit of Rs 81.25 as compared to the previous close of 85.50 on BSE. There were only sellers offering and no buyers bidding for the stock.
CCD stock has fallen 34% in the last week's period.Overall 2,196 shares and 0.81 lakh shares changed hands on the bourses BSE and NSE.
Coffee Day Enterprises share price has fallen over 69% since the beginning of this year and lost 68% during the last one year. Coffee Day Enterprises share price is trading below its 30, 50, 150 as well as 200-day moving average.
Cafe Coffee Day board has appointed SV Ranganath as the interim Chairman, while Nitin Bagmane has been named the interim Chief Operating Officer.
The board has also constituted an executive committee comprising Non-Executive Independent Director Ranganath, COO Bagmane and CFO R Ram Mohan to exercise the powers previously vested with the Chief Executive Officer and the Administrative Committee that was constituted by the board in 2015.