The Income Tax Department on Thursday conducted raids at over two dozen places related to Café Coffee Day Enterprises, the leading retail coffee chain in India, including the premises of its owner and promoter V G Siddhartha.
Siddhartha is the son-in-law of former Karnataka chief minister S M Krishna, who had joined Bharatiya Janata Party last year.
According to reports, simultaneous search operations are still on at several CCD outlets, including Mumbai, Chennai and Chikmagalur, and other businesses run by Siddhartha.
Further details are awaited.
Following the raids by the I-T department, Coffee day Enterprises share price fell by as much as 7.5 per cent on Thursday morning.
The share price of MindTree Ltd, a company in which Siddhartha holds stakes, also fell by more than 2 per cent.
The I-T Department said that the raids on the café chain were conducted in connection to a new case to verify if there was any undisclosed income.
