Manpasand Beverages hits lower circuit for third straight session

Shares of Manpasand Beverages plunged 10 per cent to hit their lower circuit limit for the third consecutive session today on account of the resignation of its auditing firm with effect from May 26, 2018.

The stock has been on a downtrend for the sixth consecutive sessions and has cracked as much as 42.25 per cent since May 22.

The shares of the company today opened at Rs 248.30, down 9.99 per cent over its previous closing price on the BSE.

Similar movement was seen on NSE where the stock opened at Rs 247.90, down 9.99 per cent over its last close.

Auditing major Deloitte Haskins & Sells resigned as statutory auditors of Manpasand Beverages as the fruit juice maker failed to provide them with "significant information" on the financial results for the year ended March 31, 2018.

The board meeting of Manpasand Beverages, to consider and approve the financial results for the year ended March 31, 2018, was scheduled to be held on May 30. However, the said meeting now stands cancelled.

Manpasand Beverages claimed everything related to financial results announcement and the timing of departure of its auditor "is purely coincidental has no direct correlation".

In a filing to the BSE, Manpasand Beverages had said, "It is very unfortunate that we had to part ways with our long-term associate. 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.