Manpasand hits lower circuit despite clarification from CMD

The Chairman and Managing Director (CMD) of Manpasand Beverages, Dhirendra Singh has said that he will take necessary steps and support the shareholders to tackle the dicey situation of Manpasand Beverages post the investigation for GST fraud and arrest its top management executives. The stock continued its downward rally.

The stock of Manpasand Beverages declined and hits lower circuit limit down by 4.95 per cent on Thursday.

Manpasand Beverages is a manufacturer of fruit juices and other non-alcoholic beverages. After a search and seize operation carried at the company's premises by the Commissioner of Central GST and Customs, there has been a continuous drop in the company's value and the stock has been in the negative zone for the eighth trading day on Thursday.

Singh said in a release to the exchange that the company is in talks with Ernst and Young (EY) for advice on the company’s financial matters. He has also offered to step down from his day to day operations for the company if there is such a requirement.

Post this release, the stock was stuck in the lower circuit limit with only sellers and no buyers. The stock of Manpasand Beverages traded down by 4.95 per cent or Rs. 2.30 than its previous closing price. As the stock reached its lower circuit at Rs. 44.15 the trading stopped for the day. The 52-week high is Rs. 183.30 and 52-week low is Rs.44.15.