Manpasand Beverages tanks 10%, extends 7-day losing streak to 50%

NEW DELHI: Share of Manpasand Beverages plunged 10 per cent in Thursday's trade, taking its seven day losing streak to 50 per cent. The inauguration of a new facility in Odisha failed to cheer investors, who chose to dump company shares amid the exit of auditors ahead of company’s fourth quarter results.

The stock hit its 10 per cent lower circuit limit at Rs 223.50 on BSE. This was the fourth consecutive session when the stock hit its circuit limit.

The company auditor Deloitte Haskins & Sells India said significant information requested from the company at various points of time for the purpose of audit of the financial results was not shared. It exited at a time when the company results were due, raising worries.


But the firm called the incident 'purely coincidental' and cancelled its fourth quarter earnings that were scheduled for Wednesday.

"The board meeting has been postponed and the new date will be announced shortly. This is just a minor hiccup and doesn't represent any long-term business impact," the company said.

Deloitte said there was no progress with respect to the pending information, evidences and explanations.