Manpasand Beverages Shares Tank

The fruit juice maker is embroiled in a tax evasion case worth Rs 40 crore, involving a turnover of Rs 300 crore.

Shares of Manpasand Beverages slumped, hitting their 20 per cent daily limit, on Monday following surprise resignation of auditor Deloitte Haskins & Sells. The Gujarat-based fruit juice manufacturer on Sunday announced that Deloitte had resigned and it has named Mehra Goel & Co. as replacement. The company didn't give a reason the resignation. Manpasand also postponed the board meeting, scheduled for May 23, to announce its financial results. The chain of events spooked investors.Kotak Institutional Equities suspended coverage on the stock and changed its view to 'cautious' following the auditor resignation."We lack comfort on rating on the company given the lack of disclosure on reasons for the resignation of the earlier auditors," Kotak analysts Rohit Chordia, Jaykumar Doshi and Aniket Sethi write in a noteThe brokerage said it will review its stance once the company publishes the annual results.Manpasand Beverages, which made stock market debut in July 2015, saw its stock ..