CCD goes flat red

Café Coffee Day or CCD as it was popularly known is the top loser on the BSE since the opening bell today; from its close of Rs.46.63, the the stock opened lower at Rs.38 and went down to an intraday low at Rs.37.55, not too far from its 52-week low of Rs.35.81.

The stock price plunged after the corporate dispute tribunal National Company Law Tribunal (NCLT) ordered the commencement of bankruptcy proceedings against the Coffee Day Enterprises, the parent company of Coffee Day Group which operates Cafe Coffee Day chain of coffee houses.

This is in continuation to our disclosure made on 08th August 2024, regarding the application filed by IDBI Trusteeship Services Limited (IDBITSL) against the Company in September 2023 claiming that the latter had defaulted on the payment of over Rs 228 crore.