Shares of Coffee Day Enterprises Ltd., fell 8 percentage points in the morning trade following Income Tax raids on properties owned by V G Siddhartha. Shares of the NSE-listed company were trading for Rs. 234.00 at 11:40 AM.
The I-T department is currently engaged in raids and searches on over 20 establishments connected to Coffee Day Enterprises Ltd., across Bengaluru, Mumbai, Chennai and Chikmanglur. The department has not yet issued any reasons for the raids.
About Coffee Day Enterprises
Coffee Day Enterprises Ltd, founded in 1993 as the Amalgamated Bean Coffee Trading Company Limited in Bangalore, is currently a INR 25 billion company, with 1607 retail outlets. It is a diversified group with interests in retail, logistics, technology parks, financial services and hospitality, according to its annual report.
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