Mishtann Foods' shares were locked in a 20% lower circuit for the second consecutive day following a show cause notice from SEBI regarding the misappropriation of a Rs 100 crore fund. The regulator accused the company of inflating sales and purchases through fictitious transactions involving non-existent entities linked to its promoters. The stock has plummeted over 40% year-to-date, reflecting investor concerns over the allegations.
Mishtann Foods' shares fell 20% following a Sebi notice regarding alleged misappropriation of funds. The company contested the allegations, stating it disagrees with the interim order, which is a show cause notice seeking explanations for the misutilization of Rs 49.82 crore and Rs 47.10 crore linked to group entities and promoters. MFL's legal team is working to address the queries raised.
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