Stocks

Manpasand Beverages’ shares tank 20%

PTI New Delhi | Updated on May 28, 2018 Published on May 28, 2018

Shares of fruit juice maker Manpasand Beverages plunged 20 per cent today after its statutory auditor Deloitte Haskins & Sells resigned ahead of a board meeting scheduled on May 30 for consideration of financial results.

SAIF Partners-backed Manpasand Beverages shares hit the lower circuit and closed at Rs 344.80 apiece on the BSE.

Yesterday, the company had informed the stock exchanges that Deloitte Haskins & Sells had quit as its statutory auditor with effect from May 26, 2018. Due to sudden resignation of the existing auditor, the business to be transacted at the board meeting scheduled on May 30 has been cancelled, it added.

In a regulatory filing today, without disclosing the reason for the exit of Deloitte Haskins & Sells, the Vadodara-based firm said: “We want to take this opportunity to assure everyone that the decision has been taken by the management after due consultations and it is in the best interests of our shareholders.”

Manpasand Beverages said that everything related to announcement of financial results and the timing of departure of its auditor “is purely coincidental has no direct correlation’’. “The board meeting has been postponed and the new date will be announced shortly,” it added.

Manpasand Beverages said this is just a minor hiccup and does not represent any long-term business impact.

Deloitte Haskins and Sells LLP was also the auditor of cash-strapped Fortis Healthcare and had allegedly refused to sign off on the company’s second-quarter results until at least $78 million (Rs 500 crore) funds taken by its promoters Singh brothers were accounted for or returned.

The healthcare chain, however, had refuted these allegations.

Published on May 28, 2018
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