Shares of coffee chain Coffee Day Enterprises hit a lower circuit of 20 percent for the second consecutive day on Wednesday after founder VG Siddhartha’s body was found early morning in Karnataka’s Netravathi River.

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CCD shares were trading 19.98 percent lower at Rs 122.75 per share on the NSE. In last two trading sessions, the stock plunged 40 percent, and in last one year it has tanked 54 percent.

On Wednesday, at 6 AM, Siddhartha’s decomposed body was found after 36 hours of searching in Netravathi River, said Karnataka authorities. A group of fishermen recovered the body from the Netravathi river in Karnataka, at a distance from the bridge where the coffee baron was last seen late on Monday, reported IANS.

Two days prior to his disappearance, the 60-year-old had left behind a note to his employees that revealed he was in deep debt.

VG Siddhartha in the letter said, “After 37 years, with strong commitment to hard work, having directly created 30,000 jobs in our companies and their subsidiaries, as well as another 20,000 jobs in technology company where I have been a large shareholder since its founding, I have failed to create the right profitable business model despite my best efforts.”

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