Mankind Pharma: Investors Felt The Jitter Amid IT Department Raids

On Thursday, all eyes were on the newest listed stock on the bourses i.e., Mankind Pharma as it continues to make headlines. The unpredictability of its movements had investors both thrilled and nervous, as they eagerly await the next twist in its story.   

It was a rollercoaster of a day for investors of Mankind Pharma as the stock made headlines with its sudden and dramatic movements. Starting off with a bang at Rs 1370, the stock soared to a high of Rs 1384, only to come crashing down like a house of cards in a matter of moments. As reports of the Income Tax Department conducting searches at various premises related to the company and its subsidiaries surfaced, investors were left feeling jittery and uncertain.   

The stock hit an intraday low of Rs 1306.65, almost near its listing price, sending shockwaves through the market. But just when it seemed like things couldn’t get any worse, the stock began to slowly claw its way back up. Investors held their breath as the stock battled back from its lows, showing remarkable resilience in the face of adversity.   

As the day progressed, the nervous energy subsided and the stock managed to recoup bulk of its losses, settling with just a minuscule loss of 0.64%. It was a wild ride for investors but in the end, the stock proved to be a true survivor.    

The company in its press release confirmed that “We hereby inform you that the Income Tax Department is conducting a search at some of the premises/ plants related to the Company and some of its subsidiaries.”    

Further it said “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.   

This is the only information that we are able to provide at this stage. Once the search by the Income Tax Department concludes, the Company will update the Stock Exchanges in case of any material information/ event.   

Mankind Pharma Limited is an ethical and law-abiding Company and follows the best corporate governance practices. We are extending our full cooperation to the officials of the Income Tax Department in this regard.”   

The stock had witnessed a stellar debut on May 09, 2023 and it made a high of Rs 1430 on NSE exchange. Certainly, with the sharp recovery from the day’s low on Thursday, it would be interesting to see how the stock behaves in the coming days. As far as the support level is concerned, the immediate support is placed at Rs 1300, which also happens to be the listing price of the stock.