Shares of Refex Industries plunged to a 20% lower circuit on Friday, sliding to around ₹254 after the income tax (I-T) department disclosed that it had uncovered over ₹1,000 crore in alleged tax evasion and a further ₹250 crore in unexplained overseas investment linked to the Refex group and its associates. The steep fall left shareholders stunned, marking the stock’s lowest level since August 2024. Separately, market regulator Securities and Exchange Board of India (SEBI) has imposed a penalty of ₹10 lakh on Anil Jain, chairman and managing director (CMD) of Refex Industries and a joint penalty of ₹25 lakh on Kamlesh Jain and the Jain Family Trust for insider trading violations involving the shares of the company. According to officials, the tax raids began on 9th December and cove

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