Refex Industries shares surge 19% after 34% fall in 3 sessions as firm clarifies on I-T searches

Refex Industries share price

The shares of Refex Industries sharply jumped more than 19 percent on December 15 after falling nearly 16 percent earlier during the day to hit a fresh 52-week low. This comes as the company issued a clarification on searches conducted by the Income Tax department on its premises.

The shares of the company fell around 34 percent in three sessions to hit a fresh 52-week low of Rs 215.10 per share in the early trading hours of Monday. The stock then sharply jumped over 41 percent intraday from its day's low to trade at Rs 303.65 per share, snapping a three-session losing streak.

I-T searches at Refex Industries premises:

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

It had added that its business operations are completely unaffected by the search operations and continuing without any interruption.

In another exchange filing released on December 14, Refex Industries said that it has not received any communication from the I-T Department, suggesting any adverse findings during the search operations. "Certain media reports and social media posts suggesting adverse outcomes are speculative in nature and are not supported by any official communication. The Company continues to conduct its business in the normal course," it said.

SEBI penalises Refex Industries CMD:

In another exchange filing released on December 14, Refex Industries said that the Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs 10 lakh on the firm's Chairman & Managing Director (CMD) Anil Jain. The market regulator alleged Jain involved himself in insider trading, communicating unpublished price sensitive information to certain people who made unlawful gains of Rs 12.33 lakh.

"Anil Jain intends to vigorously contest his position, and believes he can strongly defend the same through the legal process and would avail recourse available under law, against this penalty adjudication order," the company said.

Refex Industries share price:

Refex Industries shares have fallen more than 5 percent in the past five days, and around 15 percent in the past one month. The shares of the company 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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