GG News Bureau
Bengaluru, 11th May. India’s income tax authority is conducting searches at Mankind Pharma Ltd office in New Delhi, days after the condom maker’s successful listing on domestic stock exchanges, a government source said on Thursday.
The company’s shares fell as much as 5.5% on the news.
More information was not immediately available. Our attempts for comment were not immediately responded to by Mankind Pharma or the IT department.
Mankind Pharma shares debuted on the Indian stock exchange on Tuesday and surged about 32%, valuing the maker of Manforce condoms at 569.76 billion rupees ($6.97 billion), in a rare instance of a successful domestic public listing this year.
The stock was last trading down 3.5% at 1,335 rupees on Thursday but was still well above its initial public offering offer (IPO) price of 1,080 rupees.
Mankind Pharma says its Manforce is the top-selling male condom brand in India, where it competes with Reckitt Benckiser Group’s Durex and TTK Group’s Skore. ($1 = 81.7800 Indian rupees) (with Reuters inputs)