Manpasand Beverages hits 20% LC

Manpasand Beverages hit the 20% LC the moment it opened for trading and was locked at Rs.344.80, a new 52-week low.  

The stock price has slumped today after its Deloitte Haskins & Sells resigned as Statutory Auditors of the company with effect from May 26, 2018. No reason was given in the disclosure for their resignation and this has caused a lot of discomfort with brokerage houses, with Kotak suspending rating on the stock.

The company further announced that due to sudden exit of its auditors, the Board meeting scheduled on May 30, 2018 for consideration of quarterly and annual results has been cancelled. 

The only thing which the company mentioned w.r.t auditors was that it has now appointed M/s. Mehra Goel & Co., Chartered Accountants, New Delhi, (FRN:- 000517N) as Statutory Auditor of the Company with effect from 27th May 2018 to fill the casual vacancy.

Given the history of various scams, any such news of auditors suddenly resigning is taken very seriously and viewed with a lot of suspicion.