New Delhi, Dec. 12 -- Shareholders of Refex Industries were taken aback as the stock hit the 20% lower circuit in Friday's session, December 12, falling to Rs.254.90 apiece, the lowest level since August 2024, following disclosures by the Income Tax Department, which said it had detected tax evasion of over Rs.1,000 crore by the Refex Group and its associates, along with unexplained investments of Rs.250 crore in a Swiss pharmaceutical company.

In a statement, the department said it conducted the raid on Tuesday, December 9. The searches and investigations include the jewellery business allegedly linked to Refex Industries Limited, the flagship company of the Refex Group, financiers, hawala operators, and promoters.

Income Tax Departmen...