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.

On 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.

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