Manpasand sinks further, again hits lower circuit
For the last few days, the company has been affected by many disruptions. Shares of the company have continuously tumbled after news of arrest and resignation of Manpasand's top management. Manpasand Beverages Limited (MBL) has allegedly engaged in GST fraud, evading taxes of around Rs. 40 crore.
MBL had long been under the scanner. The company has been in news for wrong reasons for a couple of times, including the exit of its statutory auditors Deloitte Haskins and Sells India for lack of cooperation by its management. MBL has been placed under SEBI's Additional Surveillance Measure (ASM) Stage 1, which is a pre-emptive action to safeguard investor interests.
With a sudden drop in the price of the share, the exchanges had asked MBL for clarification. MBL's management said that the price movement is due to search operations conducted by the GST department and the detention of key managerial personnel. As the share price of MBL hits the lower circuit for the fourth consecutive day on Thursday, investors were rushing to sell in fear of a future drop in prices, but there were no buyers for the stock.
Manpasand Beverages Limited is a non-alcoholic beverage company manufacturing fruit juices. On Thursday, the stock was trading at Rs. 57.10 per share, a change of negative 9.94 per cent as against the previous closing price of Rs. 63.40. The 52-week low for the share price is Rs. 57.10 and the 52-week high was Rs. 248.30 on BSE.