India’s income tax department is conducting searches at Mankind Pharma Ltd’s office in New Delhi, CNBC-TV18 reported on Thursday, citing sources.
The company’s shares fell as much as 5.5% on the news, which comes days after the condom maker listed on exchanges with sharp gains.
Further details were not immediately available. Mankind Pharma and the IT department did not immediately respond to Reuters’ requests for comment.
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.
