Shares of fruit juice maker Manpasand Beverages plunged 20 per cent today after its statutory auditor Deloitte Haskins & Sells resigned ahead of a board meeting scheduled on May 30 for consideration of financial results.
The stock of SAIF Partners-backed Manpasand Beverages hit the lower circuit and closed at Rs 344.80 apiece on BSE today.
Yesterday, the company informed stock exchanges that Deloitte Haskins & Sells had quit as its statutory auditor with effect from May 26, 2018.
Due to sudden resignation of existing auditors, the business to be transacted at board meeting scheduled on May 30 has been cancelled, it added.
In a regulatory filing today, without disclosing reasons for the exit of Deloitte Haskins & Sells, the Vadodara-based firm said, "We want to take this opportunity to assure everyone that the decision has been taken by the management after due consultations and it is in the best interests of our shareholders."