Shares of Manpasand Beverages plunged 48 per cent in the last four trading sessions after company’s officials were arrested on allegations of goods and services tax (GST) fraud.
Shares of Manpasand Beverages plunged 48 per cent in the last four trading sessions after company’s officials were arrested on allegations of goods and services tax (GST) fraud. Since May 24, the stock has lost over half of its value. In today’s trade, the shares fell 10 per cent to hit an all-time low. The shares of Manpasand Beverages Ltd. ended the day at Rs 57.15, down 6.30, or 9.93 per cent on NSE today. “The Commissioner of Central GST and Customs carried out search and seizure proceedings at various premises of the company on May 23 and further inquiry was conducted on May 24 at the GST Bhavan office of Vadodara”, the company had said in the BSE filing on Saturday.
“Abhishek Singh, whole time director, Paresh Thakkar, chief financial officer of the company and Harshvardhan Singh are under judicial custody of authority on May 24, 2019. The company is contesting these allegations in accordance with the due process of law,” it had also said in a regulatory filing.
The circuit limit for the stocks was revised by the BSE on Tuesday to curb excessive volatility in the prices. The exchange had said that the new limit has been fixed at 10 per cent effective from May 29. “In respect of price movement of company, we would like to inform you that as per our understanding due to GST department search and detain of key managerial personnel of the company, there is a movement in price. The company has already informed the same to the stock exchange on 25th May, 2019”, Manpasand Beverages said in a clarification to the BSE today.
Meanwhile, the benchmark indices once again hit their closing highs with the Sensex surging 330 points and the Nifty earning 85 points on the day of May derivatives expiry.