New Delhi, Dec 12 : Shares of Refex Industries fell sharply on Friday, hitting a 20 per cent lower circuit at Rs 254.35 after the company confirmed that the Income Tax Department had launched search operations at its registered office and other locations linked to the Refex Group.

The searches began on December 9 and were still underway when the company made its exchange filing.

In its clarification to the stock exchanges, Refex Industries said the company and its officers have been fully cooperating with the authorities and have provided all information requested during the process.

We hereby inform 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,â?? it said in its filing.

It also said its business operations remain unaffected and are continuing without any disruption.

â??During the entire process, the Company and its officers extended full cooperation to the authorities and have provided all relevant information as required,â?? it added.

Refex noted that several media reports and social media posts about the searches had surfaced while the operation was still in progress, even though no official communication had been issued by either the company or the authorities.

The company said some individuals or entities with â??vested interestsâ?? had circulated misleading or incorrect information with the intention of taking undue advantage of the situation.

Refex strongly denied these speculative reports, calling them false, baseless and unrelated to the facts.

It emphasised that the figures and claims mentioned in such articles were inaccurate and lacked any evidence.

The company said it would continue cooperating with the Income Tax Department under the guidance of its legal advisors and would provide further updates to the stock exchanges as required under SEBI regulations.

It added that it remains committed to transparency and upholding high standards of ethical and legal compliance.

/IANS