Mankind Pharma shares tank over 6% a day after solid debut. Time to buy?

Shares of Mankind Pharma fell more than 6%, a day after its listing on the Indian stock exchanges at a premium. The company’s IPO was the largest so far this year and one of the biggest ever by a domestic drug maker since Gland Pharma’s offering in 2020. Mankind Pharma is India’s fourth-largest pharmaceutical company in terms of domestic sales and operates 25 manufacturing facilities across the country. Antique and Macquarie have initiated coverage on Mankind Pharma with buy and outperform ratings, respectively and optimistic about the firm’s future growth.