Sebi Investigates Rajesh Exports for Inflated Revenues of ₹15.15 Lakh Crore
Rs 15 Lakh Crore Inflated Revenue, Missing Records, Data Gaps: Inside SEBI's Case Against Rajesh Exports
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The Securities and Exchange Board of India (Sebi) has found that Rajesh Exports Limited misrepresented financial statements, inflating revenues by approximately ₹15.15 lakh crore. The regulator has barred its promoters from trading, causing the company's stock to drop by 5% to ₹103.92 per share.
- 01Sebi's investigations revealed misrepresentation of financial statements by Rajesh Exports Limited.
- 02The company inflated revenues to create a false impression of financial health.
- 03Promoters, including chairman Rajesh Mehta, have been barred from trading by Sebi.
- 04Rajesh Exports' stock fell to ₹103.92 per share, down 5% from the previous close of ₹109.
- 05The inflated revenues pertain to the fiscal years FY21 to FY25.
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The Securities and Exchange Board of India (Sebi) has initiated investigations into Rajesh Exports Limited, a gold jewellery company, for allegedly misrepresenting its financial statements. The regulator found that the company inflated its revenues by approximately ₹15.15 lakh crore to project a misleading image of its financial health and scale. As a result, Sebi has barred the company's promoters, including chairman Rajesh Mehta, from trading activities. Following this announcement, Rajesh Exports' stock opened at a 5% lower circuit of ₹103.92 per share, down from the previous day's close of ₹109. The misrepresentation reportedly spans the fiscal years FY21 to FY25.
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The trading halt and stock drop could affect investors and stakeholders in Rajesh Exports Limited.
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