Manpasand Beverages slumps after auditor resigns

Manpasand Beverages hit a lower-circuit limit of 5% at Rs 38.85 at 12:12 IST on BSE after the company's auditor, Mehra Goel and Co. Chartered Accountants, resigned amid the ongoing investigation in the GST fraud case.

The announcement was made after trading hours yesterday, 9 July 2019.

Meanwhile, S&P BSE Sensex was down 139.32 points or 0.36% at 38,591.50.

On BSE, 1,845 shares were traded in Manpasand Beverages counter, compared to a 2-week average of 70,000 shares. The share price hit an intraday high and low of Rs 38.85. It hit a 52-week high of Rs 161.90 on 10 July 2018 and a 52-week low of Rs 25.30 on 21 June 2019.

In a regulatory filing to stock exchanges, Manpasand Beverages said that Mehra Goel and Co. resigned as the company's statutory auditor due to recent developments, including action and investigation initiated by the Goods and Sevices Tax authorities in relation to Manpasand Beverages.

The Commissioner of Central GST and Customs carried out search and seizure proceedings at various premises of the company on 23 May 2019, and further inquiry was conducted on 24 May 2019 at GST Bhavan office of Vadodara. Abhishek Singh, whole time director, Paresh Thakkar, chief financial officer of the company and Harshvardhan Singh were taken under judicial custody of authority on 24 May 2019. The company is contesting these allegations in accordance with the due process of law.

Manpasand Beverages manufactures fruit juices.

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