Shares of Manpasand Beverages plunged 20 per cent to hit their lower circuit limit for the second consecutive session today on account of the resignation of its auditing firm with effect from May 26, 2018.
Shares of the SAIF Partners-backed company have been on a downtrend for the fifth consecutive session and have cracked as much as 38.13 per cent since May 22.
The company shares opened at Rs 275.85, down 20 per cent over their previous closing price on the BSE. Similar movement was seen on the NSE, where the stock opened at Rs 275.40, down 19.99 per cent, over its last close.
Auditing major Deloitte Haskins & Sells has 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 March 31, 2018.
The board meeting of Manpasand Beverages, to consider and approve the financial results for the year ended March 31, 2018, was scheduled to be held on May 30. 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.”