Income Tax Dept Raids Mankind Pharma Over Tax Evasion Allegations, Shares Fall

The Income Tax department on Thursday conducted searches on the premises of Mankind Pharma over allegations of tax evasion, official sources said. According to a PTI report, the department is searching the company premises in Delhi and nearby locations, documents are being checked and people are being questioned, they said.

Earlier, Mankind Pharma made its debut on the stock exchanges on Tuesday. It also launched its IPO this year.

Shares of Mankind Pharma witnessed a decline of 2.11% on NSE to Rs 1353. 75 per share. On BSE, Mankind Pharma stock fell 1.93% till 11:02 am to Rs 1355.15 apiece soon after the news of raid broke.

Mankind Pharma and the IT department have yet to issue a statement on the matter.