Refex Industries Shares See Wild Ride After Income Tax Department Search

Refex Industries Shares Experience Significant Fluctuation

On December 15, the shares of Refex Industries underwent a dramatic change, initially falling by nearly 16 percent before rebounding by over 19 percent. This volatility came after the company provided clarification on the Income Tax department searches conducted at its premises.

Stock Performance

The company's shares had previously fallen by around 34 percent in three sessions, hitting a fresh 52-week low of Rs 215.10 per share. However, they then jumped over 41 percent intraday from their daily low to trade at Rs 303.65 per share, thus ending a three-session losing streak.

Income Tax Department Search

On December 12, Refex Industries announced that the Income Tax Department had conducted search operations at its registered office and other related locations on December 9. The company stated that it and its officers had extended full cooperation to the authorities during the search and provided all relevant information.

Refex Industries also clarified that its business operations were completely unaffected by the search and continue without interruption. Additionally, the company stated that it had not received any communication from the I-T Department suggesting adverse findings during the search operations.

SEBI Penalty

In a separate development, Refex Industries announced that the Securities and Exchange Board of India (SEBI) had imposed a penalty of Rs 10 lakh on the company's Chairman & Managing Director, Anil Jain. SEBI alleged that Jain was involved in insider trading, communicating unpublished price-sensitive information that led to unlawful gains of Rs 12.33 lakh.

Jain intends to contest the penalty and believes he can strongly defend his position through the legal process.

Stock Market Trends

Refex Industries' shares have fallen by over 5 percent in the past five days and around 15 percent in the past month. The shares have plunged nearly 37 percent in the past six months and are down more than 38 percent in 2025 so far. The stock's P/E ratio currently stands at over 23.

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