Refex Industries Shares Plunge After IT Search, Company Denies Rumours & Assures Stability

Mumbai: Refex Industries shares experienced a sharp fall on Friday, hitting the 20 percent lower circuit at Rs 254.35. The drop came soon after the company confirmed that the Income Tax Department had started search operations at its registered office and other places connected to the Refex Group. The searches began on December 9 and were still going on when the company informed the stock exchanges.

Company Confirms Searches and Cooperates Fully

In its official statement, Refex Industries said that the company and its officers were fully cooperating with the authorities. They have been providing all documents and information requested during the process. The filing mentioned that business operations continue smoothly without any disruption, and the ongoing search has not affected their daily activities.

Rumours and Misleading Reports Circulate Online

Refex Industries also addressed the wave of media reports and social media posts that surfaced while the searches were happening. The company clarified that neither the organisation nor the authorities had released any official information yet, but several individuals and groups with “vested interests” had shared misleading or false claims.

Refex strongly denied all such speculative reports, calling them false, baseless and not supported by facts. It added that the numbers and claims circulating online were inaccurate and lacked any proper evidence.

Commitment to Transparency and Compliance

The company assured investors and the public that it would continue cooperating fully with the Income Tax Department and follow the guidance of its legal advisors. Refex Industries also said it would share updates with the stock exchanges as required under SEBI guidelines.

Refex stressed its commitment to transparency, ethical practices and legal compliance, saying that it remains focused on maintaining trust and continuing its operations without disturbance.

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