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BENGALURU: The income tax department is conducting searches at Mankind Pharma Ltd’s office in New Delhi, a government source told Reuters on Thursday, days after the condom maker’s successful public listing on domestic stock exchanges.
The company’s shares fell as much as 5.5% on the news.
Mankind Pharma shares debuted on the Indian stock exchange on Tuesday and surged about 32%, valuing the maker of Manforce condoms at Rs 569.76 billion ($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. (
The company’s shares fell as much as 5.5% on the news.
Mankind Pharma shares debuted on the Indian stock exchange on Tuesday and surged about 32%, valuing the maker of Manforce condoms at Rs 569.76 billion ($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. (
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