May 29, 2018 / 6:42 AM / in 21 days

BUZZ-India's Manpasand Beverages locked in lower circuit

** Manpasand Beverages Ltd’s shares plunge 20 pct to hit lower circuit for the second consecutive day

** Beverage maker’s stock hits lowest since Jan 2017

** Investors turned bearish on stock after Deloitte Haskins & Sells resigned as co’s auditors shortly before the company’s scheduled board meet on May 30 for the March-qtr results

** Co did not mention reasons for resignation, but said on Sunday it appointed Mehra Goel & Co as auditors

** Kotak Institutional Equities suspended rating on the stock, citing lack of comfort given the lack of disclosure on reasons for auditors’ resignation

** Motilal Oswal analysts say the resignation “comes as a surprise”; put rating ‘Under Review’

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