I-T searches Mankind Pharma offices
On May 9, when the company made its debut on the stock exchanges, the listing was excellent. Against the issue price of Rs 1,080, the stock was listed at Rs 1,300.
The income tax department is conducting searches at Mankind Pharma office in New Delhi. The IT sleuths are carrying out the searches at the company’s Delhi office and nearby locations. The department is also checking documents and people are being questioned into the matter, said reports.
The company’s shares fell as much as 5.5% after this news, which comes days after the company listed on exchanges with sharp gains.
During the day, the stock also touched a low of Rs 1,306.65. On May 9, when the company made its debut on the stock exchanges, the listing was excellent. Against the issue price of Rs 1,080, the stock was listed at Rs 1,300 i.e. at a premium of 20 per cent and the stock touched a high of Rs 1,430.
The company’s IPO, which raised Rs 4,326 crore, is the biggest issue of 2023 so far, which was subscribed 15.3 times in total. It is also one of the largest ever IPO by a domestic pharma company.
If any tax evasion etc. is revealed by the Income Tax Department, then a big fall in the stock of the company can be seen. Sources said the documents are still being scrutinised in the company’s office. Top officials associated with the company have been called for questioning. What information has been received by the Income Tax Department during this investigation is yet to be known.