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The Pharma firm’s shares nosedived by more than 14% to ₹464 in Thursday’s intraday trade after the ED (Enforcement Directorate) arrested Director Sarath Reddy under sections of the (PMLA) Prevention of Money Laundering Act.
The ITAT (Income Tax Appellate Tribunal), Delhi has rejected Mankind Pharma Ltd. ‘s plea related to the desallowance of sale promotion expenses of more than Rs 1 crore to doctors. The authority stated that freebies given to doctors are illegal and do not come under “Business Promotion Expenses” .
The London-listed pharma giant topped analysts’ estimates for the third-quarter profit and revenue. The rise was supported by the high sales of its key Cancer drugs Tagrisso and Imfinzi.
The working groups of the India-US CEO forum have decided to further strengthen the bilateral co-operation across critical areas comprising healthcare and pharmaceuticals, aerospace and defence, ICT and digital infrastructure.
On Thursday, the company said that it received a form 483 with 3 observations from the USFDA for its St. Louis-based manufacturing unit. The company informed that there is no data integrity-related observation and the inspection was a part of routine business operations.
The drugmaker announced that their consolidated net profit dropped more than 12% to ₹56.8 crores in the September quarter due to the reduced profit share from the export sales of Cancer drug Lenalidomide product to the US.
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