Manpasand Beverages tanks 20% after MD, CFO arrested for GST fraud

As per a CGST Commissionerate statement, the listed beverages company had been running fake units for availing input tax credit (ITC) fraudulently, committing a tax evasion of Rs 40 crore

Manpasand Beverages (MBL) shares were on Monday locked in lower circuit, down 20 per cent at Rs 88, on the BSE, with huge sell orders on the counter, after the company’s top management was arrested in a Rs 40 crore Goods and Services Tax (GST) fraud case.

Till 09:23 am, a combined 77,637 shares had changed hands on the NSE and BSE, while there were pending sell orders for 12.48 million shares, representing 11 per cent of total equity of MBL, the exchanges data shows.

“The Commissioner of Central GST and Customs has carried out search and seizure proceedings at various premises