Refex Industries plunges 20% as ₹1000 Cr tax evasion uncovered

• Refex Industries' shares hit a 20% lower circuit on December 12 due to heavy selling.
• The sell-off followed news of the Income Tax Department uncovering over ₹1000 crore in tax evasion.
• Investigations revealed ₹250 crore unexplained investment in a Swiss pharma company and ₹1112 crore in fake purchases.
• Promoters allegedly created shell companies in a driver's name for cash deposits and transactions exceeding ₹200 crore.
• The company, a refrigerant gas manufacturer, has seen its market cap fall, with shares down 23% in a week and halved in a year.

Why It Matters: Refex Industries' stock plummets due to tax evasion probe, warning investors of regulatory risks.