Shares of tumbled 20 per cent in Friday's trading session, slipping to a 52-week low of Rs 254.35. The sharp decline followed disclosures by the Income Tax (I-T) department, which said it has detected over Rs 1,000 crore in alleged tax evasion and uncovered an unexplained investment of Rs 250 crore in a Switzerland-based pharmaceutical company during ongoing search operations on the Refex Group and associated entities. Advertisement

The raids covered the premises of Refex Industries -- the group's flagship company involved in refrigerant gases, ash handling, power trading, and solar power -- along with financiers, hawala operators and jewellery businesses allegedly linked to the promoters.

In a statement, Refex Group said the search process is underway and that the organisation, along w

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