Coffee Day falls to 5-month low after tax raids

Fri, Sep 22 2017, 01:12 PM

Shares of Coffee Day Enterprises slipped to a nearly five-month following raids on chairman VG Siddhartha’s offices and houses on Thursday. The company has around 1,500 Cafe Coffee Day outlets in India. The stock closed 3.3% lower at Rs 233.8 on the Bombay Stock Exchange on Thursday, a level it last hit on April 17. Siddhartha is the son-in-law of former Karnataka chief minister and former minister of external affairs SM Krishna, who left the Congress party in January and joined the BJP.