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Café Coffee Day operator’s stock falls over 10% on buzz of undisclosed income seen at Rs 650 cr

According to a report in The Times of India, Income Tax (I-T) Department has detected undisclosed income worth over Rs 650 crore linked to the group after raids.

Weakness in Coffee Day Enterprises, the operator of Café Coffee Day chain, continued as the stock fell over 10.5 percent intraday on Monday. Investors turned cautious of the stock on the back of a media report, which hinted to issues relating to undisclosed income.

According to a report in The Times of India, Income Tax (I-T) Department has detected undisclosed income worth over Rs 650 crore linked to the group after four-day raids. The department expects the undisclosed income figures to be higher, the report states. STOCK FREE INTRADAY TIPS

Last week, search operations were conducted at premises of Cafe Coffee Day and its group companies across 25 locations in Bengaluru, Chikmaglur, Mumbai and Chennai, including the residence of Chairman and Managing Director V G Siddhartha.

Other raids were carried out the Coffee Day Global Limited office located at Chikkamagaluru, two of its coffee estate offices, a residential school office and the Serai Resorts.

Software firm Mindtree’s share price also fell more than 2 percent as Siddhartha and Coffee Day Enterprises hold some stakes in the company.

Siddhartha has 3.25 percent stake in the software firm while Coffee Day Enterprises and Coffee Day Trading have 10.39 percent and 6.3 percent shareholding in the company as of June 2017.

The stock has fallen 13 percent in the past one month, while its three-day fall stood at 13 percent as well.

At 10:18 hrs Coffee Day Enterprises was quoting at Rs 210.60, down Rs 21.30, or 9.18 percent, on the BSE. It touched an intraday high of Rs 220.60 and an intraday low of Rs 207.50.
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