Continuing its losing spree, Manpasand Beverages stock Thursday fell nearly 10 per cent, taking its overall four-day loss to 48 per cent after some of the company's officials were taken under judicial custody following a search by the Commissioner of Central GST and Customs.
The scrip of the company tumbled 9.94 per cent to close at Rs 57.10 -- its 52-week low as well as lower circuit limit -- on the BSE Thursday.
On the NSE, stock nosedived 9.92 per cent to close at Rs 57.15 -- its one-year low and also lower circuit.
In a BSE filing on Saturday, Manpasand Beverages said the Commissioner of Central GST and Customs carried out searches and seizures at various premises of the company on May 23 and further inquiry was conducted on May 24 at GST Bhavan office of Vadodara.
"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 said in the filing.
In a separate filing on Saturday, it said, "We would like to inform you that Vishal Sood, non-executive director of the company has tendered resignation from the post of director with immediate effect i.e. 24th May, 2019. This resignation is mainly due to search from GST department."
The company's independent directors Bharat Vyas and Milind Babar, along with Director Dhruv Agrawal also tendered their resignation.
The company informed the BSE that Vyas resigned due to pre-occupation, while resignation of others is mainly due to GST search.
The BSE Tuesday revised the circuit limit for shares of the company to curb excessive volatility in its prices.
The new circuit limit for Manpasand Beverages is 10 per cent effective from May 29, the exchange had said.
In a clarification to the BSE Thursday, Manpasand Beverages said, "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."