Manpasand Beverages put under ASM framework; stock falls 5%

Manpasand Beverages was locked in lower circuit of 5% at Rs 158 on the BSE after the exchange placed shares of the company under ASM (Additional Surveillance Measure) framework effective from today, June 15, 2018.
The BSE shifted Manpasand Beverages and Sai Baba Investment and Commercial Enterprises under enhanced surveillance measures where 100% margins will be applicable from June 16, 2018.

The shortlisting of securities under ASM Framework is purely on account of market surveillance and it should not be construed as an adverse action against the concerned company/entity, BSE said in a notice.

After falling 65% in 15 trading days between May 22 and June 12 from Rs 446 to Rs 155, Manpasand Beverages had locked in upper circuit of 5% for the second straight day till yesterday. On Thursday, the stock closed at Rs 166 on the BSE.

Manpasand Beverages trades near IPO price; stock tank 61% in two week

Manpasand Beverages has locked in lower circuit for the third straight trading day, down 5% at Rs 174 on the BSE, trading close to its initial public offer (IPO) price.
Shares of the fruit juice maker are 8% away from its issue price of Rs 160 (adjusted to 1:1 bonus issue in September 2017). The stock trading at its fresh 52-week low has tanked 61% in past two weeks from Rs 444 on May 23, 2018, against 2.2% rise in the S&P BSE Sensex.

On Sunday, May 27, 2018, Deloitte Haskins & Sells India had quit as the auditor to Manpasand Beverages a few days before the declaration of annual results for the year ended March 2018 on May 30. The auditor put their resignation due to lack of information provided the company for the purposes of audit of the financial results.

“They have been auditors of the company since FY11. Contradictory statements have been made by the company and the auditors on the resignation have made us uncomfortable with the previous BUY rating. As a result, we put our rating UNDER REVIEW until we get clarity from Q4FY18 earnings and further update from the annual report of FY18,” analyst at Karvy Stock Broking said in event update.

Manpasand Beverages remains under pressure; stock plunges 42% in 3-days

Manpasand Beverages was locked in lower circuit for the third straight day, down 10% at Rs 248, also its fresh 52-week low on the market. The stock tanked 42% in past three trading days from Rs 431 after the Deloitte Haskins and Sells resigned as auditor of the company with effect from May 26, 2018. The auditor put their resignation due to lack of information provided the company for the purposes of audit of the financial results.

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.

However, auditor Deloitte Haskins and Sells in letter date May 26, 2018 said that significant information requested by us from the Company at various points of time for the purposes of audit of the financial results have not yet been provided to us.