Coffee Day Enterprises, the company that owns the Café Coffee Day chain, said Tuesday that its chairman V.G. Siddharth, "was not available" the previous night.
Siddharth founded Coffee Day in 1993 and opened the first Coffee Day in the southern Indian city of Bangalore three years later. Since then, the company has grown into the largest coffee chain in India, with over 1700 outlets in 245 Indian cities as of last year.
Global competitor Starbucks ( SBUX )
in comparison, there are currently 1
46 retail outlets in India.
Coffee day stocks fell 20% to a record low in the Bombay Stock Exchange.
"We take advantage of interested authorities," the company said in a statement. "[The company] is professionally managed and managed by a competent leadership team [a] who will ensure business continuity," he added.
The company could not be immediately reached for further comment.
Siddharth owns 33% of Coffee Day, according to stock market data last month, while his wife and family businesses own another 21%. The company became public in 2015.
Coffee Day also has outlets in Austria, the Czech Republic, Egypt, Malaysia and Nepal and exports coffee to several markets, including North America, Europe and the Middle East.