Manpasand Beverages shares tumble over 53 pc in 5 days

Continuing to fall for the fifth consecutive day, shares of Manpasand Beverages plunged over 53 per cent after some of the company's officials were taken under judicial custody following a search by the Commissioner of Central GST and Customs.

In five days, the scrip has tanked 53.27 per cent on the BSE.

The scrip plummeted 9.98 per cent to close at Rs 51.40 -- its 52-week low and also lower circuit -- on the BSE on Friday.

On the National Stock Exchange (NSE), shares tumbled 9.97 per cent to close at Rs 51.45 -- its one-year low mark and also lower circuit.

In a BSE filing on Saturday, Manpasand Beverages said the Commissioner of Central GST and Customs carried out searches and seizures at various premises of the company on May 23 and further inquiry was conducted on May 24 at GST Bhavan office of Vadodara.

"Abhishek Singh, whole-time director; Paresh Thakkar, chief financial officer of the company; and Harshvardhan Singh are under judicial custody of authority on May 24, 2019. The company is contesting these allegations in accordance with the due process of law," it had said in the filing.

In a separate filing on Saturday, it said, "We would like to inform you that Vishal Sood, non-executive director of the company, has tendered resignation from the post of director with immediate effect i.e. 24th May, 2019. This resignation is mainly due to search from GST department."