Sliding Stocks of Manpasand Hit These Mutual Fund Schemes
With the tumbling of Manpasand Beverage’s shares for the third consecutive day, mutual fund industry too suffered the losses to the tune of Rs. 165 crores. In the recent rout in the stocks of this Indian juice maker, Motilal Oswal Asset Management Company took the biggest hit.
Let’s find out who were the biggest losers and gainers in the field and what was the real story!
The shares of Manpasand Beverages Ltd. plunged 10 percent, thus taking its total losing streak to 50%. It emerged after the juice maker’s auditor resigned four days before its board was to approve quarterly earnings. The inauguration of a new facility in Odisha further failed to cheer investors who chose to exit company shares amid the resignation of auditors ahead of company’s fourth-quarter results. Besides, the cancellation of board meeting which was scheduled for May 30, 2018 was another big reason which added fuel to the fire.
To this, the company’s auditor Deloitte Haskins & Sells India commented that they requested significant information from time to time for the purpose of audit of the financial results which the company was unable to provide. Thus, they decided to exit. The company said in a filing to exchanges, “the case is purely coincidental as this all took place when the company’s results were due, leading to worries. We are considering the incident to be a minor hiccup, thus it won’t lead to any long-term impact.”
Top AMCs That will Have to Pay the Piper
Top Mutual Fund Schemes with High Exposure to Manpasand
Several fund managers believe it to be a black swan event, thus deciding to wait and watch. The max they can do is not touch the stocks as of now and wait for the right clock. Considering the investors, we, at MySIPonline, too believe that it's not the time to be involved in any knee-jerk response. If you have significant investments in any of the above-listed schemes, then you may take your decision but only after consulting your fund manager.
If you wish to seek personalized help on this issue or any other concerning mutual funds, connect with our experts via phone call or email. We will be happy to help you.
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