Manpasand Beverages hits record low; tanks 48% in 4 days on GST fraud case

The market price of the company has tanked 89 per cent from its all-time high level of Rs 512 touched in September 2017

Shares of Manpasand Beverages continued their downward spiral on Thursday, slipping 10 per cent to hit an all-time low of Rs 57.10 per share on the BSE. The stock took the beating after some of its officials, who are under judicial custody following search by the Goods and Services Tax (GST) department, were denied bail. The stock has tanked 48 per cent in the last four trading sessions. 

Since Monday, the stock has been locked at the maximum lower circuit of the day on the BSE and NSE, with only sellers being seen on the counter. A combined 60,991 shares changed hands and there were pending sell orders for 5.51 million shares, the exchanges' data showed.

The stock has slipped below its previous low level of Rs 58 per share touched on February 6, 2019. It has tanked 89 per cent from its all-time high level of Rs 512 touched in September 2017. Shares of the firm had listed on the bourses in July 2015 with its IPO price (adjusted to 1:1 bonus issue) at Rs 160 per share.

On their part, Manpasand Beverages has clarified to the exchanges that the sharp movement in the stock price was due to GST department search and detention of key managerial personnel of the company. CLICK HERE TO READ FULL REPORT

Till March 2019, shareholding pattern data showed that the promoters held 44.33 per cent stake in the fruit juice manufacturing company. Among the remaining 55.67 per cent stake with public shareholders, Saif Partners India IV Limited held 17.57 per cent stake, while foreign portfolio investors held 9.12 per cent holding in the company.

Out of 11.62 per cent stake with mutual funds, SBI Large & Midcap Fund and Motilal Oswal Multiple 35 Fund held 5.40 per cent and 5.27 per cent stake, respectively.