Mankind Pharma's Delhi office searched by I-T dept over allegations of tax evasion

The income tax department is conducting searches at Mankind Pharma's Delhi office over allegations of tax evasion. This comes after Mankind Pharma debuted on the Indian stock exchange on Tuesday, valuing the maker of Manforce condoms at $6.97 billion. 

As per a report in PTI, the Income Tax department is conducting searches at Mankind’s Delhi and nearby locations, checking documents, and questioning people. 

The company is yet to issue a response in the matter. 

Mankind Pharma that is engaged in developing, manufacturing and marketing a diverse range of pharmaceutical formulations, made a solid debut at the bourses. The company’s shares were listed at Rs 1,300 on BSE at a premium of 20 per cent against the issue price of Rs 1,080. Its debut at the NSE was also kicked off at the same rate. 

The pharma company’s IPO received a strong response from the investors and was overall subscribed 15.32 times. The issue was open for subscription between April 25-27 in the price range of Rs 1,026-1,080 per share.

The company was incorporated in 1991, and has over 36 brands across segments including anti-infectives, cardiovascular, gastrointestinal, anti-diabetic, well-being and respiratory. The company is known for its products Manforce condoms, Prega News pregnancy test kit, and antacid Gas-O-Fast. 

(With agency inputs)

Also read: Mankind Pharma shares make solid market debut, list at 20% premium over issue price