Rajesh Exports Share Price Declines Below ₹100 for Second Consecutive Session

Rajesh Exports Share Price Crashes Amid Market Regulator's Findings

Shares of Rajesh Exports plummeted to ₹99.45 on Friday, 5 June, after the market regulator's findings of misstatement in the company's accounts continued to weigh on investor sentiment. The stock was locked in the 5% lower circuit for the second consecutive day, with sell orders placed on both the BSE and NSE.

This decline marks the second straight session of lower circuit for the stock, which has suffered significant losses in recent times. In the last one week, the small-cap stock has lost 16%, 17% in one month, 21% in three months, and a staggering 50% in the last one year.

In an attempt to address investor concerns, Rajesh Exports issued a detailed clarification on Thursday, stating that the market regulator, SEBI, has not recorded any conclusive adverse findings against the company. The company asserted that the interim order dated 3 June 2026, did not contain any conclusive adverse observations against the company.

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According to the company, the key observation in SEBI's order relates to the alleged misreporting of revenue. The company explained that the regulator's concerns stem from a confusion regarding the revenues of Valcambi, a Swiss-based subsidiary. The company claimed that the core observation in the order is with regard to the mis-reporting of the revenues, which has emerged primarily due to confusion.

SEBI has alleged that Rajesh Exports misrepresented nearly all of its revenue over five financial years, raising concerns over the accuracy of the jewellery maker's financial statements. The regulator's preliminary findings indicate that the company overstated and misrepresented its operational scale and financial performance between FY21 and FY25.

The investigation began after a shareholder complaint in March 2024 flagged potential financial misrepresentation linked to large outstanding trade receivables. SEBI's scrutiny focused on the group's overseas structure, particularly Switzerland-based Valcambi SA, which Rajesh Exports had described as its principal operating entity.

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While 97%-99% of consolidated revenue was reported to come from overseas subsidiaries, SEBI found that Valcambi's standalone audited revenue accounted for less than 0.5% of the consolidated revenue reported by Rajesh Exports and its holding company, Global Gold Refineries AG (GGR). The regulator also alleged that the company repeatedly failed to provide detailed information on sales, purchases, debtors, creditors, and inventory, citing Swiss data protection and confidentiality laws.

SEBI rejected this argument and further highlighted inconsistencies in customer-wise sales data submitted during the investigation, with varying figures and discrepancies across multiple filings. Rajesh Exports has maintained that it has done no wrong and that all financial reporting undertaken by the company has been accurate. The company is currently engaging with SEBI and is confident of resolving the issue by furnishing all relevant documents and information required by the regulator.