Income Tax Dept Raids Mankind Pharma Premises Over Tax Evasion Allegation
The Income Tax department has conducted a raid on the premises of Mankind Pharma Premises in Delhi over allegations of tax evasion after its IPO & listing.
IT Raids at Mankind Pharma: On Thursday, the Income Tax Department reportedly searched Mankind Pharma Limited’s offices in connection with charges of tax evasion. Mankind Pharma Limited is a manufacturer of pharmaceuticals and healthcare products.
The IT detectives are conducting searches at the company’s office in Delhi and neighboring locations. According to reports, the department is also examining documents and conducting interviews regarding the matter.
The company debuted on the stock exchanges on May 9 (Tuesday) and launched its IPO this year. On the first day of trading, each share was priced at Rs 1,300 on the NSE and BSE, an increase of 20.37 percent over the issue price of ₹ 1,080.
The IPO for Mankind Pharma is the largest to date in 2023. It is also among the greatest deals ever made by a domestic pharmaceutical company.
Mankind Pharma is the fourth largest pharmaceutical corporation in India in terms of sales within the country and the third largest by sales volume.
The company is employed in the development, production, and marketing of a wide variety of pharmaceutical formulations in both acute and long-term therapeutic areas. It also produces a number of consumer healthcare products.
In its pharmaceutical sector, the company has developed 36 brands that have each accomplished over ₹ 500 million in domestic sales.
Mankind Pharma is one of the largest medical representative distribution networks in the Indian pharmaceutical sector, and over 80 percent of Indian physicians prescribe its formulations.
In response to the news of the IT inspections on the pharmaceutical company’s premises, the shares of Mankind Pharma Ltd fell approximately 2.24 percent and were trading at Rs 1,350.85 per share on the BSE at 11 a.m. today. The shares’ opening price in today’s trade was Rs. 1,371, and its closing price the day before was Rs. 1,381.80.