Manpasand Beverages shares crash 20% after company cancels board meet on Deloitte’s resignation as auditor
Tuesday, May 29, 2018 IST
Shares of Gujarat-based fruit juice maker Manpasand Beverages crashed 20% in the early deals on Monday after the company cancelled its board meeting scheduled on 30 May 2018 on Deloitte's resignation as statutory auditor of the firm.
Shares of Gujarat-based fruit juice maker Manpasand Beverages crashed 20% in the early deals on Monday after the company cancelled its board meeting scheduled on 30 May 2018 on Deloitte’s resignation as statutory auditor of the firm. In lieu of Deloitte, Manpasand Beverages has appointed Mehra Goel & Company as the statutory auditor of the company. Shares of Manpasand Beverages slumped 20% to 52-week low levels and were locked in the lower circuit since Monday morning.
“Subsequent to resignation of M/s. Deloitte Haskins & Sells, Chartered Accountants, Vadodara, (FRN:- 117364W) the statutory auditors of the company with effect from May 26, 2018, the board of directors of the company upon the recommendation of the audit committee, have 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 in the office of statutory auditors, who shall hold office as such till the conclusion of the ensuring annual general meeting, subject to the approval of the members of the company,” Manpasand Beverages said in an exchange filing.
“Due to sudden resignation of existing auditors, the business to be transacted at scheduled board meeting as intimated to your office on 23 May 2018 has been cancelled and further notice for the same will be sent you in due course of time,” Manpasand Beverages added.
Following the blow, Manpasand Beverages share price tumbled 20% to a 52-week low of Rs 344.8 on BSE. At the trading counters, only 76,723 equity shares exchanged hands on both NSE and BSE up until 11:10 am. With a sharp dip in the share prices, Manpasand Beverages lost about Rs 987 crore in the market capitalisation. At the current market price, Manpasand Beverages commands a market capitalisation of Rs 3,946.66 crore as against Rs 4,933.33 as on Friday.
Related Topics
Trending News & Articles
While the Uttarakhand High Court has asked to block 857 websites, the Ministry of Electronics and IT (Meity) found 30 portals without any pornographic content.
...
Recently posted . 64K views . 1 min read
The four boys as well as five school officials, including the director and principal, were arrested after the incident. The minors were presented before the Juvenil...
Recently posted . 10K views . 1 min read
Rahul was having an Italian passport and was carrying suitcase full of dollars. Some say it was about was it $2 million.
Rahul and his girl friend was th...
Recently posted . 9K views . 7 min read
True – Tr...
Recently posted . 8K views . 83 min read
More in National
Lucknow: Prime Minister Narendra Modi on Wednesday took part in the International Yoga Day festivities at the Ramabai Ambedkar Maidan here.
The occasion ...
Recently posted. 877 views . 13 min read
Remember the six-year-old boy from Mizoram who has been going viral for trying to save a chick he accidentally ran over? He was just rewarded for his innocent gestu...
Recently posted. 767 views . 1 min read
• If you miss the connecting train because your first train gets delayed, you can ask for an easy refund
Recently posted. 1K views . 1 min read
Recently posted . 1K views
Recently posted . 3K views
Recently posted . 2K views
Recently posted . 2K views
Recently posted . 4K views . 35 min read
Recently posted . 4K views . 52 min read
(Bloomberg) -- India’s bankruptcy court allowed the government to appoint new management for real-estate giant Unitech Ltd. in a rare move, as the corporate a...
Recently posted. 840 views . 1 min read
Atal Bihari Vajpayee joined the Rashtriya Swayamsevak Sangh in 1939, and in 1951, was seconded to its political wing, the Bharatiya Jana Sangh. He steadily rose i...
Recently posted. 891 views . 1 min read