Refex Industries shares jump 19% on I-T clarification; CMD fined by SEBI

• Refex Industries shares surged over 19% on December 15, recovering from a 34% fall in three sessions.
• The surge followed the company's clarification regarding Income Tax department searches conducted on December 9.
• Refex stated its business operations were unaffected and no adverse findings were communicated by the I-T department.
• SEBI imposed a Rs 10 lakh penalty on CMD Anil Jain for alleged insider trading, which he plans to contest.

Why It Matters: Regulatory actions and company responses create significant stock market volatility.