Manpasand Beverages shares hit lower circuit for 3rd straight session
Manpasand Beverages shares slump 10% to hit their lower circuit limit for the third consecutive session on account of the resignation of its auditing firm
New Delhi: Shares of Manpasand Beverages Ltd plunged 10% to hit their lower circuit limit for the third consecutive session on Wednesday on account of the resignation of its auditing firm with effect from 26 May.
The stock has been on a downtrend for the sixth consecutive sessions and has cracked as much as 42.25% since 22 May. The shares of the company on Wednesday opened at Rs248.30, down 9.99% over its previous closing price on the BSE.
Auditing major Deloitte Haskins & Sells resigned as statutory auditors of Manpasand Beverages as the fruit juice maker failed to provide them with “significant information” on the financial results for the year ended 31 March.
The board meeting of Manpasand Beverages, to consider and approve the financial results for the year ended 31 March, was scheduled to be held on 30 May. However, the said meeting now stands cancelled.
Manpasand Beverages claimed everything related to financial results announcement and the timing of departure of its auditor “is purely coincidental has no direct correlation”.
In a filing to the BSE, Manpasand Beverages had said, “It is very unfortunate that we had to part ways with our long-term associate. Everything related to financial results announcement and the timing of this event is purely coincidental and has no direct correlation. The board meeting has been postponed and the new date will be announced shortly.”