No, Starbucks is not going anywhere. Coffee chain says ‘fully committed to Indian market’

Tata Consumer Products has denied a report suggesting American coffee chain Starbucks could exit India soon due to rising losses and high operating costs. In letters to three major Indian stock exchanges, Tata Consumer Products called the report “baseless.” A recent report suggested that Starbucks could soon exit India due to widening losses. Published with the headline “Starbucks to Exit India Due to High Costs, Bad Taste, and Mounting Losses,” the report speculated that the hugely popular coffeehouse chain could shut shop in India due to price-conscious Indian consumers preferring cheaper local substitutes. Tata Consumer’s clarification However, TCPL denied the possibility of exiting India in a letter titled “Clarification on News Article Titled - Starbucks to Exit India Due to High Costs, Bad Taste, and Mounting Losses.” “The Company would like to state that the information in the said article is Baseless,” Tata Consumer Products said in a letter addressed to the National Stock Exchange of India, Bombay Stock Exchange, and Calcutta Stock Exchange.