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Income tax raids on VG Siddhartha, Cafe Coffee Day owner; shares fall 7% on BSE

The income tax department is conducting raids on the premises of VG Siddhartha, owner of Cafe Coffee Day chain of restaurants.

 Income tax raids on VG Siddhartha, Cafe Coffee Day owner; shares fall 7% on BSE

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According to a report by ANI, over 20 locations in Bengaluru, Mumbai, Chennai and Chikmagalur have been being raided.

Reacting to the news, shares of Cafe Coffee Day fell 4.5 percent to Rs 230.40 on the Bombay Stock Exchange.

Siddhartha is the son-in-law of former Karnataka chief minister SM Krishna. The 84-year-old leader had quit the Congress after nearly 50 years in January expressing his unhappiness for being sidelined and joined the BJP in March this year.

Siddhartha hails from a family which has been in the coffee business for over 140 years. He inherited 500 acres of coffee plantation from his father. (Read details here)

After finishing his M.Sc in Economics from Bangalore, he headed to Mumbai where he worked briefly as an intern at J M Financial Services.

Two years later he went back to join the family business and opened the first Café Coffee Day outlet in Bangalore on 11 July, 1994. Share of software firm Mindtree also fell more than 2 percent as Siddhartha and Cafe Coffee Day hold stakes in the company.

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Updated Date: Sep 21, 2017 10:44:12 IST