Manpasand Beverages tanks 20% second straight after auditor resigns

Manpasand Beverages is locked in lower circuit for the second straight day, down 20% at Rs 276 on the market. The sharp falls comes after the Deloitte Haskins and Sells resigned as auditor of the company with effect from May 26, 2018.
The stock hit a fresh 52-week low today, plunging 36% in past two trading sessions from Rs 431 on Friday. A combined 64,180 equity shares changed hands and there were pending sell orders for 1.69 million shares on the BSE and NSE at 09:47 am; the exchanges data shows.

Manpasand Beverages informed on Sunday that the board meeting scheduled on Wednesday, May 30, 2018 to consider audited financial results and to recommend dividend, if any, has been cancelled, due to sudden resignation of existing auditors.

Everything related to financial results announcement and the timing of this event is purely coincidental and has no direct correlation. The board meeting has been postponed and the new date will be announced shortly, the company said on Monday in a regulatory filing.