Shares of Manpasand Beverages plummeted 10 percent intraday on May 30, hitting another 52-week low, after the officials of the company arrested for GST fraud were reportedly denied bail.
According to CNBC-TV18 sources, the company's Managing Director Abhishek Singh, his brother Harshvardhan Singh and the Chief Financial Officer Paresh Thakkar, who were arrested following a raid by the CGST Commissionerate Vadodara-II sleuths on May 23, have been denied bail.
On May 23, the CGST Commissionerate conducted multi-locational searches across various premises of Manpasand Beverages.
"The raids unveiled a huge racket of creating fake units for availing fraudulent credit and committing tax evasion of Rs 40 crore and involving turnover of Rs 300 crore approximately," said the CGST statement.
Following the expose, at least five of the eight directors resigned with immediate effect from the company's Board citing the GST crackdown on the company's top brass as the primary reason for their exits.
The share price of Manpasand has tanked 48 percent on the BSE since the top management was arrested. At 0955 hours, Manpasand Beverages was quoting Rs 57.10, down 9.94 percent on the BSE.
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