Why Mankind Pharma Shares Are Slumping Today

Why Mankind Pharma Shares Are Slumping Today

Mankind Pharma‘s share price crashed over 5% on Thursday to hit an intraday low of ₹1,306.65 as reports of an Income Tax raid at the company’s offices made headlines.

What Happened: On Thursday morning, several news media outlets reported that the company’s offices in New Delhi were being raided by officials of the IT Department. According to media reports, the search is expected to continue for 1-2 days.

The company has released a statement confirming that the IT department is conducting a search at some of the premises/ plants related to the company and some of its subsidiaries. The company added that it will reveal further information after the searches are completed.

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The news comes just days after the pharma company’s listing on the stock exchanges. The company’s shares listed at an over 20% premium over its IPO price. Shares of the company jumped 32.4% to hit ₹1,430 on its listing day.

Today, after the news shares of the company crashed over 5%. Shares of the company that had already been trading lower after market open plunged sharply after the news of the IT raid broke.

Price Action: Mankind Pharma’s share price was down 2.19% to trade at ₹1,352.60.

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Editor's Note: This Story Has Been Updated To Include Official Comments From Mankind Pharma

Posted In: NewsRumorsMoversTrading IdeasIT DepartmentMankind Pharma