‘No impact on operational performance’: Mankind Pharma responds to I-T searches

Mankind Pharma, maker of Manforce condoms and Prega News pregnancy kits, has issued a response on the searches carried out by the income tax department in its Delhi office. The pharmaceutical company said that the searches have had no impact on its operational performance. 

“The Income Tax Department is conducting a search at some of the premises/ plants related to the company and some of its subsidiaries. The officials of the company and its subsidiaries are cooperating with the officials of the Income Tax Department and are responding to the queries raised by them. This has had no impact on our operational performance,” said the company in a release. 

It also said that this was the only information that they were able to provide at this stage. The company said that once the search is over, the company will update the stock exchanges in case of any material information or event.

The I-T department, on Thursday, searched the company’s Delhi office on allegations of tax evasion. The officials, apart from searching the premises, checked documents as well as questioned people. 

The searches come two days after the company went public. Its shares were listed at Rs 1,300 on BSE and NSE, against the issue price of Rs 1,080. The IPO that was open for subscription between April 25-27, was subscribed 15.32 times. 

Meanwhile, Mankind Pharma’s shares plunged 5.48 per cent in Thursday’s trade to hit a low of Rs 1,306 on BSE amid reports of the I-T searches. 

Also read: Mankind Pharma shares plunge 5% on report of IT raid at company's Delhi offices

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