IT raid on Mankind Pharma's New Delhi office: Company's stock dropped by more than 5%

IT raid on Mankind Pharma's New Delhi office: Company's stock dropped by more than 5%, had made a successful debut in the market 2 days ago

May 11, 2023 - 16:48
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IT raid on Mankind Pharma's New Delhi office: Company's stock dropped by more than 5%

The Income Tax Department (IT) on Thursday (May 11) raided the New Delhi office of pharmaceutical company Mankind Pharma. According to a Reuters report, government sources have said that the IT department is conducting searches at Mankind Pharma's office over allegations of tax evasion.
Mankind Pharma had a successful debut in the stock market two days ago. However, the stock of Mankind Pharma is witnessing a decline due to the news of the IT raid. Its stock is trading around Rs 1365 with a fall of more than 1%. At the same time, its stock fell by 5.5% in the morning.
According to the report of the news agency PTI, the IT department is also examining documents and questioning people in the company's Delhi office. However, so far no statement has been revealed on this news from the company and the IT department.
On Tuesday, May 9, the Mankind Pharma stock was listed above Rs 1,300 on the BSE-NSE with a premium of 20%. Then on the same day, its stock closed above Rs 1,430, up nearly 32%. However, on May 10, its stock fell to close at Rs 1,375.
The Initial Public Offering (IPO) of the pharma company received a very good response from the investors. Its IPO was subscribed 15.32 times overall. Mankind Pharma's IPO was opened for subscription from 25 to 27 April.
The price band of Mankind Pharma's IPO was kept by the company at Rs 1,026-1,080 per share. The market capitalization of the company is 6.97 billion dollars i.e. 5.72 thousand crore rupees.

Muskan Kumawat Journalist & Writer