Coffee Day Enterprises shares tank another 10%; hit lowest trading permissible limit for third day

New Delhi: Shares of Coffee Day Enterprises further plummeted 10 percent to hit its lowest trading permissible limit for the day on Thursday as investor sentiment remained hit for the third consecutive trade amid a slew of negative news surrounding the company. The scrip tanked 10 percent to Rs 110.95 – its lower circuit limit as well as its 52-week low – on BSE.

At NSE, shares dropped 10 percent to touch its lowest trading permissible limit as also its one year low of Rs 110.50. In three days, the shares have fallen by over 42 percent on the BSE, eroding Rs 1,723.16 crore from its market valuation. The market cap of the company on Thursday stood at Rs 2,343.84 crore. VG Siddhartha, the chairman of Coffee Day Enterprises, was found dead on Wednesday. Coffee Day Enterprises on Wednesday named independent director SV Ranganath as the interim chairman of the company to replace its founder VG Siddhartha, who was confirmed dead, days after he went missing. Meanwhile, the BSE on Wednesday revised the circuit limit of the company to 10 percent.