 "Manpasand Beverages tanks 20% second straight after auditor resigns")
Manpasand Beverages is locked in lower circuit for the second straight day, down 20% at Rs 276 on the BSE. The sharp falls comes after the Deloitte Haskins and Sells resigned as auditor of the company with effect from May 26, 2018.
The stock hit a fresh 52-week low today, plunging 36% in past two trading sessions from Rs 431 on Friday. A combined 64,180 equity shares changed hands and there were pending sell orders for 1.69 million shares on the BSE and NSE at 09:47 am; the exchanges data shows.
Manpasand Beverages informed on Sunday that the board meeting scheduled on Wednesday, May 30, 2018 to consider audited financial results and to recommend dividend, if any, has been cancelled, due to sudden resignation of existing auditors.
Everything related to financial results announcement and the timing of this event is purely coincidental and has no direct correlation. The board meeting has been postponed and the new date will be announced shortly, the company said on Monday in a regulatory filing.
It is very unfortunate that we had to part ways with our long-term associate. We want to take this opportunity to assure everyone that the decision has been taken by the management after due consultations and it is in the best interests of our shareholders, the company said.
This is just a minor hiccup and doesn't represent any long term business impact. Manpasand Beverages has always focussed on maintaining a sustained business growth. We still have a long way to go to achieve our high ambitions and we are well on our way. We hope for the continued support of our shareholders and stakeholders in this process, it added.
Manpasand Beverages is leading player in beverages segment offers mango based fruit drink under the Mango Sip brand; fruit drinks and carbonated fruit drinks under the Fruits Up brand; and fruit drinks with energy replenishing qualities under the Manpasand ORS brand. It also offers apple flavored fruit drink under the Apple Sip brand; and bottled water under the Pure Sip brand.
The stock hit a fresh 52-week low today, plunging 36% in past two trading sessions from Rs 431 on Friday. A combined 64,180 equity shares changed hands and there were pending sell orders for 1.69 million shares on the BSE and NSE at 09:47 am; the exchanges data shows.
Manpasand Beverages informed on Sunday that the board meeting scheduled on Wednesday, May 30, 2018 to consider audited financial results and to recommend dividend, if any, has been cancelled, due to sudden resignation of existing auditors.
Everything related to financial results announcement and the timing of this event is purely coincidental and has no direct correlation. The board meeting has been postponed and the new date will be announced shortly, the company said on Monday in a regulatory filing.
It is very unfortunate that we had to part ways with our long-term associate. We want to take this opportunity to assure everyone that the decision has been taken by the management after due consultations and it is in the best interests of our shareholders, the company said.
This is just a minor hiccup and doesn't represent any long term business impact. Manpasand Beverages has always focussed on maintaining a sustained business growth. We still have a long way to go to achieve our high ambitions and we are well on our way. We hope for the continued support of our shareholders and stakeholders in this process, it added.
Manpasand Beverages is leading player in beverages segment offers mango based fruit drink under the Mango Sip brand; fruit drinks and carbonated fruit drinks under the Fruits Up brand; and fruit drinks with energy replenishing qualities under the Manpasand ORS brand. It also offers apple flavored fruit drink under the Apple Sip brand; and bottled water under the Pure Sip brand.
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