CM Siddaramaiah resigns: Shares of Coffee Day Enterprises, which operates Cafe Coffee Day, one of India’s largest coffee retail chains, saw a sharp rise last week. During trading on May 29, the company’s stock reached Rs 34.78, touching the upper circuit of 20%. Due to this, the wealth of investors increased by about Rs 122 crore. The reason for this rise in shares was Siddaramaiah’s decision to resign from the post of Chief Minister of Karnataka. This cleared the way for someone else to take over the reins of the state.

Who will be the next Chief Minister of the state?

According to reports, after the resignation of Siddaramaiah, Karnataka Deputy Chief Minister DK Shivkumar is considered certain to become the next Chief Minister. Ever since the Congress government was formed in Karnataka, there has been a lot of speculation in the political circles about the possible arrangement between Siddaramaiah and Shivakumar to become the Chief Minister by rotation.

Shivakumar’s connection with CCD

Shivkumar is deeply associated with the CCD family. His eldest daughter Aishwarya is married to Amartya Hegde, son of late CCD founder VG Siddhartha. Stock market investors feel that with Shivakumar becoming the Chief Minister, CCD’s business, administrative problems and its old cases can be resolved. Perhaps this might have been the reason that at 11:35 am on May 29, Coffee Day shares were trading at Rs 34.78 per share with a gain of 20%. CCD is currently facing many problems, including fine of lakhs imposed by SEBI for financial irregularities, huge debt, bank default, insolvency etc.

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