Rajesh Exports shares leap 5% after 30% crash in 7 days. How the alleged Rs 15.15 lakh cr fraud saga unfolded
The shares of the corporate jumped to Rs 80.23 apiece on the NSE amid the general market uptrend. The inventory has total tumbled 55% in 2026 up to now and 87% in three years, with its market capitalisation coming all the way down to Rs 2,369 crore.
Sebi’s interim order in opposition to Rajesh Exports
Sebi, in its interim order launched earlier this month, claimed that its investigation and forensic evaluation had uncovered prima facie proof suggesting that about 97-99% of the corporate’s income could have been inflated, describing the findings as “egregious and unparalleled.”
The market regulator restrained promoter Rajesh Mehta from shopping for, promoting or dealing in securities of Rajesh Exports till additional orders, and in addition directed the corporate to cooperate totally with investigators. This got here after a shareholder grievance acquired in March 2024.
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Rajesh Exports blames ‘communication hole and confusion’
Rajesh Exports, in an change filingclarified that the order is interim and no adversarial conclusion has been made by Sebi but. It mentioned that the revenues declared by the corporate are appropriate, and no overstating of earnings has been executed. “There appears to be some sort of communication hole and confusion between Sebi and the corporate,” Rajesh Exports mentioned.The corporate additional mentioned that it’s assured that Sebi, in its knowledge, will make clear the state of affairs and arrive on the appropriate conclusion, based mostly on the authenticated paperwork that are within the means of submission by the corporate.
“The core statement within the order is in regards to the misreporting of the revenues. This has emerged primarily on account of confusion as a result of SEBI has thought of the Ebitda of Valcambi as an alternative of Income; therefore, it has said that there’s a distinction of about 97% within the income. The consolidated Income as said by the Firm is appropriate,” Rajesh Exports mentioned in one other change submitting.
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Promoter Rajesh Mehta denies allegations
In an interview with PTI, the corporate’s founder and chairman, Rajesh Mehta, denied allegations that Rajesh Exports had impeded the audit course of and mentioned the corporate had been forthcoming with investigators all through.
“I’d by no means comply with the truth that sure related paperwork haven’t been submitted by us. We’ve got submitted all the things we had been requested for. Sebi has not discovered something; perhaps now we have missed out on one thing. All that can be reconciled now,” Mehta mentioned.On whether or not the corporate plans to legally contest Sebi’s instructions, Mehta mentioned there was no purpose to take action. “Sebi has all of the authority and proper to maintain asking us for paperwork for any variety of years. There is no such thing as a nice, no penalty, no coercive motion on this order. Why ought to we problem it?” he mentioned.
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(With inputs from companies)
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