Investors in Manpasand Beverages are in trouble as the FMCG firm's share price hit the lower circuit for the third session in a row on Tuesday. The stock has been under pressure ever since the company’s auditor Deloitte Haskins & Sells refused to audit the company’s March quarter results, as the company, it said, failed to provide enough details on its financials.

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With a 10 per cent fall today, the Manpasand Beverages scrip has plunged 49.87 per cent to Rs 223.50 in the last seven sessions. The sharp plunge on the counter is reminiscent of the crash seen in shares of Vakrangee earlier this month. Vakrangee auditor Price Waterhouse & Co too resigned 'in the absence of adequate and relevant information and explanations'. Vakrangee share price has fallen a whopping 92 per cent so far this year.

It appears Manpasand Beverages could meet the same fate. "It is another stock that is on its way to becoming something like Vakrangee, or PC Jeweller or Reliance Communications. you name it," said Mustafa Nadeem, CEO at  Epic Research.

Deloitte resigned a day before the company was scheduled to announce its fourth quarter results.

While Manpasand Beverages called the auditor's resignation ahead of results a mere ‘coincidence’, analysts say retail investors must not look at stocks of companies where management integrity is in doubt.

“The common thing is first compliance issues and second the debt. In recent times when the market has unearthed some of the gems any company that even has an iota of concern related to Debtor Compliance are being hammered to the point that they are left with almost 90 per cent erosion of share price,” Nadeem said.

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The expert expects the stock to test Rs 150-120 mark in coming one month. "Manpasand Beverages is a completely avoid. In these kind of cases, it's purely dumping and no one cares about technicals or fundamentals. We have seen that in Vakrangee and PCJ. Any investor should get out the first chance they get. Any official statement by company or newly appointed auditors will give us that opportunity," he said.

Meanwhile, Atlanta, a construction and engineering, has also joined the list of companies whose auditors resigned. The stock tanked 20 per cent, hitting the lower circuit, after company's auditor Price Waterhouse Chartered Accountants stepped down saying the Atlanta did not share significant information and  observations by tax authorities as requested.