IT dept raids on Mankind Pharma premises just after its stock market debut

In connection with allegations of tax evasion, the Income Tax department searched Mankind Pharma's premises on Thursday.

There is a search of the company premises in Delhi and nearby areas, documents are being checked, and people are being questioned by the department, they said.

Tuesday marked the company's debut on the stock exchanges. In addition, the company launched its IPO this year.

A wide range of pharmaceutical formulations and consumer healthcare products are developed, manufactured and marketed by the company.

Following reports of the income tax department searching Mankind Pharma's Delhi office, Mankind Pharma's shares dropped 5.5% in morning trading. The company also develops, manufactures and markets medications across different acute and chronic therapeutic areas, as well as consumer healthcare products.

The company’s shares begin trading on BSE and NSE at Rs 1,300 each, a premium of 20.4% over the issue price.