Manpasand Beverages extends loses, shares tank 48% in four days

The scrip of the company tumbled 9.94 percent to close at Rs 57.10 -- its 52-week low as well as lower circuit limit -- on the BSE Thursday

Press Trust of India May 30, 2019 17:51:08 IST
Manpasand Beverages extends loses, shares tank 48% in four days
  • On the NSE, stock nosedived 9.92 percent to close at Rs 57.15 -- its one year low and also lower circuit

  • The company's independent directors Bharat Vyas and Milind Babar, along with Director Dhruv Agrawal tendered their resignation

  • The company informed the BSE that Vyas resigned due to pre-occupation, while resignation of others is mainly due to GST search

New Delhi: Continuing its losing spree, Manpasand Beverages stock Thursday fell nearly 10 percent, taking its overall four-day loss to 48 percent after some of the company's officials were taken under judicial custody following a search by the Commissioner of Central GST and Customs.

The scrip of the company tumbled 9.94 percent to close at Rs 57.10 -- its 52-week low as well as lower circuit limit -- on the BSE Thursday.

On the NSE, stock nosedived 9.92 percent to close at Rs 57.15 -- its one year low and also lower circuit.

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

Manpasand Beverages extends loses shares tank 48 in four days

Representational image. Reuters

"Abhishek Singh, whole time director, Paresh Thakkar, chief financial officer of the company and Harshvardhan Singh are under judicial custody of authority on 24 May, 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 had 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."

The company's independent directors Bharat Vyas and Milind Babar, along with Director Dhruv Agrawal also tendered their resignation.

The company informed the BSE that Vyas resigned due to pre-occupation, while resignation of others is mainly due to GST search.

The BSE Tuesday revised the circuit limit for shares of the company to curb excessive volatility in its prices.

The new circuit limit for Manpasand Beverages is 10 percent effective from 29 May, the exchange had said.

In a clarification to the BSE Thursday, Manpasand Beverages said, "In respect of price movement of company, we would like to inform you that as per our understanding due to GST department search and detain of key managerial personnel of the company, there is a movement in price. The company has already informed the same to the stock exchange on 25th May, 2019."

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