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Mankind Pharma Income Tax Raid: Bad news is coming out for the pharmaceutical company Mankind Pharma, which came up with an IPO this week. It is being told that the Income Tax Department’s raid is going on at the Delhi office of the company. After the news came to the fore, there is a bad effect on the price of the shares of the company.
Now action can go on for 1-2 days
In a news of news channel Zee Business, sources have been told that the Income Tax Department has searched the Delhi office of Mankind Pharma. This action of the Income Tax Department can continue for the next 1-2 days. As soon as this news came out, the shares of the recently listed company fell by 5 per cent.
Scrutiny of documents in progress
In a report of news agency PTI, the action of the Income Tax Department on the premises of the company has also been confirmed. According to the PTI report, the Income Tax Department’s action is going on in Delhi and nearby places. The Income Tax Department is examining the documents of the company and questioning people.
Decreased company value
This pharmaceutical company, which manufactures many popular products including Manforce condoms, has been listed in the market only on Tuesday. The company had made a strong debut in the market and on the first day its share prices had climbed 31.7 per cent. However, within two days the shares of the company had to face a decline. Today’s decline has also affected the market capitalization of the company. At 12 noon, its stock was trading at Rs 1,306, down 5.48 per cent on the BSE. Now the mcap of the company has come down to Rs 53,680 crore.
IPO got good response
Mankind Pharma is the second largest domestic pharmaceutical company in terms of sales. The company had brought an IPO of Rs 4,326 crore, which is one of the biggest IPOs of this year so far. The IPO of the company was taken up in the market. It was subscribed by investors more than 15 times. Especially qualified institutional investors liked it a lot. After a successful IPO, the company’s stock was listed at Rs 1,300 on May 9 at a premium of 20 per cent.
read this also: These Indian companies pay the highest tax!
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