Refex Industries shares dive 20% to hit 1-year low after I-T search
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.
- Dec 12, 2025,
- Updated Dec 12, 2025 10:21 AM IST
Shares of Refex Industries Ltd 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.
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 with its subsidiaries and employees, is fully cooperating with the authorities to ensure smooth and transparent proceedings. The company added that business operations remain unaffected.
"Refex Group has always adhered to legal compliance, ethical conduct, and regulatory transparency, and will continue to do so. We request stakeholders and the public to refrain from circulating or relying on speculative or unauthenticated information unless officially confirmed by competent authorities," the company stated.
Separately, the firm is undergoing a restructuring exercise under which its Green Mobility Business will be demerged into a separate listed unit, Refex Mobility Ltd. As of October 3, 2025, promoters held a 55.92 per cent stake in Refex Industries.
Technically, the scrip traded below the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs). Its 14-day relative strength index (RSI) came at 22.68. A level below 30 is defined as oversold while a value above 70 is considered overbought.
The scrip has a standalone/consolidated price-to-earnings (P/E) ratio of 18.23/18.12 against a price-to-book (P/B) value of 5.80. Earnings per share (EPS) stood at 14.70/14.79 with a return on equity (RoE) of 31.81. According to Trendlyne data, Refex Industries has a one-year beta of 1.15, indicating high volatility.
Shares of Refex Industries Ltd 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.
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 with its subsidiaries and employees, is fully cooperating with the authorities to ensure smooth and transparent proceedings. The company added that business operations remain unaffected.
"Refex Group has always adhered to legal compliance, ethical conduct, and regulatory transparency, and will continue to do so. We request stakeholders and the public to refrain from circulating or relying on speculative or unauthenticated information unless officially confirmed by competent authorities," the company stated.
Separately, the firm is undergoing a restructuring exercise under which its Green Mobility Business will be demerged into a separate listed unit, Refex Mobility Ltd. As of October 3, 2025, promoters held a 55.92 per cent stake in Refex Industries.
Technically, the scrip traded below the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs). Its 14-day relative strength index (RSI) came at 22.68. A level below 30 is defined as oversold while a value above 70 is considered overbought.
The scrip has a standalone/consolidated price-to-earnings (P/E) ratio of 18.23/18.12 against a price-to-book (P/B) value of 5.80. Earnings per share (EPS) stood at 14.70/14.79 with a return on equity (RoE) of 31.81. According to Trendlyne data, Refex Industries has a one-year beta of 1.15, indicating high volatility.