Shares of Manpasand Beverages hit a lower circuit of 5 percent for the sixth consecutive day after some of the company's officials were taken under judicial custody following a search by the Commissioner of Central GST and Customs. The company’s shares have plunged over 53 percent in just 5 trading sessions and are trading below its 52 week high.

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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 a 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.

Last May, the stock price was in the range of Rs 200-240 but it has rapidly dipped to Rs 48.90 per share, a fall of more than 76 percent in last one year. This year, the stock is down about 45 percent.

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First Published:Jun 3, 2019 11:09 AM IST