Shares of Manpasand Beverages hit a lower circuit of 20 percent to trade at Rs 70.40 per share for a second straight day on Tuesday following arrests of three top executives of the company. The company had also announced the resignation of two board member on May 27.

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Manpasand Beverages' managing director, Abhishek Singh, his brother Harshvardhan Singh, and chief financial officer Paresh Thakkar were arrested by the Central GST (CGST) and Customs, Vadodara-II by the goods and services tax (GST) department for creating fake company units and committing tax invasion on Friday.

The firm saw the resignation of three executives in the following three days after the arrest. Non-executive director Vishal Sood's resignation was announced by Manpasand Beverages in a BSE filing on May 25.

In another filing on May 27, the beverage maker announced the resignations of independent directors Bharat Vyas and director Dhruv Agrawal. Sood and Agarwal put in their papers with respect to the ongoing GST case, while Vyas left due to pre-occupation, the filing said.

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