Manpasand Beverages was locked in 20% lower circuit at Rs 88 at 12:32 IST on BSE after the company said that search and seizure proceedings were carried out its various premises.
The announcement was made on Saturday, 25 May 2019.Meanwhile, the S&P BSE Sensex was up 284.17 points, or 0.72% to 39,718.89
On the BSE, 23,000 shares were traded in the counter so far compared with average daily volumes of 51,000 shares in the past two weeks. The stock opened with a downward gap, sliding by the maximum 20% daily circuit and remained locked at the 20% level at Rs 88 so far in the day.
Manpasand Beverages said that the Commissioner of Central GST and Customs has 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 said. Considering the present status of the case estimated impact on the company and amount involved is not identifiable till the outcome in the matter, it added.
Net profit of Manpasand Beverages fell 18% to Rs 9.83 crore on 14.3% rise in net sales to Rs 163.53 crore in Q3 December 2018 over Q3 December 2017.
Manpasand Beverages is a pure-play beverage company and one of the leading fruit juice manufacturers.
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