Manpasand Beverages hit a lower circuit limit of 10% at Rs 248.30 at 10:49 IST on BSE, extending recent steep losses triggered by resignation of the company's statutory auditor.
Meanwhile, the S&P BSE Sensex was down 199.90 points, or 0.57% to 34,749.34.On the BSE, 2,722 shares were traded in the counter so far compared with average daily volumes of 20,000 shares in the past two weeks. The stock had hit a low of Rs 248.30 so far during the day, which is also a 52-week low for the counter. The stock had hit a high of Rs 248.30 so far during the day. The stock hit a record high of Rs 511.83 on 15 September 2017.
Manpasand Beverages announced the resignation of statutory auditor Deloitte Haskins & Sells with effect from 26 May 2018. The announcement was made on Sunday, 27 May 2018.
Shares of Manpasand Beverages hit a lower circuit limit of 20% at Rs 344.80 on Monday, 28 May 2018. The stock has fallen 42.39% in three sessions from its close of Rs 431 on Friday, 25 May 2018.
The board appointed Mehra Goel & Co as statutory auditor of the company with effect from 27 May 2018 to fill the casual vacancy.
Manpasand Beverages said that the board meeting scheduled on 30 May 2018 to consider audited financial results and to recommend dividend, if any, has been cancelled and further notice for the same will be sent in due course of time.
The company issued a clarification to the bourses on 28 May 2018, that it is very unfortunate that the company had to part ways with its long-term associate. The company, however, assured that the decision was taken by the management after due consultations and it is in the best interests of shareholders.
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, the company said.
This is just a minor hiccup and does not represent any long term business impact. Manpasand Beverages has always focussed on maintaining a sustained business growth. The firm still has a long way to go to achieve its high ambitions. The firm said it hopes for the continued support of its shareholders and stakeholders in this process.
Net profit of Manpasand Beverages rose 65.61% to Rs 11.99 crore on 39.71% rise in net sales to Rs 143.13 crore in Q3 December 2017 over Q3 December 2016.
Manpasand Beverages is a pure-play beverage company and one of the leading fruit juice manufacturers.
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