Refex Industries shares soar over 11% after slipping to 52-week low; here’s why

During the opening session, the stock plunged as much as 15.61% to a year’s low of ₹215.10 per equity share. At around 11:13 am, the scrip is trading 9.45% higher at ₹279 per equity share.

This comes after the company issued a clarification with respect to the search operations conducted by the Income Tax Department at its registered office and certain other locations associated with the Refex Group.

“We hereby inform that the search operations initiated by the Income Tax Department on December 09, 2025, have been concluded late evening on Saturday, i.e., December 13, 2025,” it said in a regulatory filing on Sunday.

The firm stated that its officers extended full cooperation to the authorities throughout the course of the search and furnished all information and documents as sought by them.

It added that, to date, it has not received any communication, notice, or order from the Income-Tax Department indicating any adverse findings pursuant to the aforesaid search operations.

Certain media reports and social media posts suggesting adverse outcomes are speculative in nature and are not supported by any official communication, Refex Industries further said.

In a separate filing on December 14, the company said that the Adjudicating Officer of SEBI has imposed a penalty of ₹10 lakh under Section 15G of the SEBI Act, 1992, on Anil Jain, Promoter & Non-Executive Director of the firm.

SEBI alleged that Anil Jain, Chairman & Managing Director (CMD) of Refex Industries Limited, had communicated unpublished price sensitive information (UPSI) to certain entities or person(s), and they had traded in the scrip of Refex while in possession or based on UPSI and made unlawful gains of ₹12.33 lakh.

Refex Industries clarified that since the penalty is imposed on the individual, there is no financial, operational, or monetary impact on the company.

“Mr. 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,” it added.

Refex Industries has a total market capitalisation of ₹3,764.90 crore, as of December 15, 2025, according to data on the NSE.