“We are still holding the stock. We think the company is okay. There is nothing proven in the public. We have 60-65 lakh shares. There is no evidence of wrongdoing by the management. The stock is against us in terms of price, but I don’t see anything wrong in holding it out.” says Raamdeo Agrawal, Joint Managing Director, Motilal Oswal Financial Services
What happened exactly?
Shares of vadodara-based Manpasand Beverages, which makes fruit juices, had fallen 80 per cent from its 52-week high, on the back of a number of corporate governance issues. Deloitte, the auditor of the company, had quit on May 30, saying that the company had not shared crucial data.
Motilal Oswal Mutual Fund has invested around 65 lakh shares of the company.