Refex Ind tanks 20% on huge volumes; why the smallcap stock hit 52-wk low?

The Income Tax Department has conducted search operations at the registered office of the company and certain other locations associated with the Refex Group

Refex Industries share price today

Refex Industries shares tanked 20 per cent on the BSE today, hitting a 52-week low of ₹254.35 in Friday's intraday trade, amid heavy volumes. The stock is trading at its lowest level since August 2024.

 

The counter saw huge trading volumes, with a combined 7.29 million equity shares changing hands on the NSE and BSE till 12:56 PM. There were pending sell orders for a combined 1.4 million shares on the counter, exchanges data shows.

 

Meanwhile, in the past one year, the stock price of the smallcap company has plunged 54 per cent from its all-time high level of ₹547 touched December 12, 2024. Prior to that, in two and a half years, it had zoomed by 2,700 per cent from its June 2022 level of ₹19.2 on the BSE.  READ LATEST STOCK MARKET UPDATES TODAY LIVE

Why did the smallcap stock hit a 52-week low on Friday?

 

According to media reports, the Income Tax Department has claimed to have detected unaccounted income and seized unexplained cash, gold and silver jewellery during ongoing searches on Chennai-based Refex Industries and its promoter Anil Jain since December 9.

 

Refex Industries, while issuing clarification on the reported event and/or information being circulated in the electronic media, said that the Income Tax Department conducted search operations at the registered office of the company and certain other locations associated with the Refex Group. The search operations commenced on December 09, 2025.

 

The company said it shall continue to provide necessary updates to the Stock Exchanges as and when there are any further reportable events. The company's business operations are completely unaffected by the search operations and are continuing without any interruption.  ALSO READ | Hindustan Zinc share price rallies 10% in 3 days; should you book profit? 

"Meanwhile, it has come to our notice that several media articles and social media posts have been circulating regarding the ongoing matter. These articles have appeared even though the search operations were still underway and no official communication has been issued either by the authorities or by the Company," Refex Industries said.

 

Further, the company said it categorically denies and strongly rejects such speculative media reports, which narrate false and misleading stories unrelated to the facts. The facts, information and numbers published in the media articles and social media posts are absolutely and completely misleading and incorrect without any substance and base, the company said.

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