Mankind Pharma Limited has informed the Exchange about General Updates
MANKIND · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 0.1 pts less than Nifty Midcap 150 and 0.6 pts more than its Pharmaceuticals peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Mankind Pharma has received an order from the Deputy Commissioner of Income Tax, Central Circle 29, New Delhi, raising an additional tax demand of INR 59.18 crores (including interest) for Assessment Year 2019-20. The demand is on account of adjustments under sections 80IC/80IE of the Income Tax Act and disallowance of certain expenditures under section 37(1). The company has stated that it believes the order is not tenable in law and has adequate factual and legal grounds to challenge it. The company plans to file an appeal and does not foresee any material impact on its financials or operations from this order.
While the tax demand is sizeable, the company has clearly stated it will contest the order and expects no material impact on its business. Shareholders may see minor short-term sentiment pressure, but the company's strong legal position should limit any lasting effect on the stock.