Rajesh Exports share price: Shares of were locked in the 5% lower circuit at ₹99.45 on Friday, 5 June, as investors continued to dump the stock amid the market regulator’s findings of misstatement in the company accounts.
The clarification issued by the company did little to assuage investor concerns, with only sell orders placed on BSE and NSE for the second day in a row. This is the second straight session of lower circuit for the stock.
The has lost 16% in 1 week, 17% in 1 month, 21% in 3 months, and 50% in the last 1 year.
Rajesh Exports’ response to SEBI order
Rajesh Exports on Thursday issued a detailed clarification following SEBI’s interim order dated June 3, 2026, stating that the market regulator has not recorded any conclusive adverse findings against the company and has not imposed any fine, penalty or coercive action.
“There has been no fine, penalty or any other coercive action by SEBI against the Company, which clearly establishes that there are no adverse conclusive findings by ,” it said in a press release.
The jewellery exporter maintained that the order was only an interim order and did not contain any conclusive adverse observations against the company.
The company further asserted that it has done no wrong and that all financial reporting undertaken by the company has been accurate. According to the company, the key observation in SEBI’s order relates to the alleged misreporting of revenue.
“The core observation in the order is with regard to the mis-reporting of the revenues, this has emerged primarily due to confusion because SEBI has considered the EBIDTA of Valcambi instead of Revenue hence it has stated that the there is difference of about 97% in the revenue. The consolidated Revenue as stated by the Company is correct,” it explained.
The company further noted that the matter was primarily the result of confusion and a communication gap, adding that it is currently engaging with SEBI and is confident of resolving the issue by furnishing all relevant documents and information required by the regulator.
Rajesh Exports also stated that SEBI has not made any adverse observation regarding the company’s earnings. According to the company, the regulator’s concerns relate only to revenue reporting and stem from what it described as confusion regarding the revenues of Valcambi.
The company further argued that there would be no rationale for a listed entity to inflate revenue while maintaining the same level of earnings, as such a move would reduce margins and be detrimental to the company itself.
What SEBI said in its order
SEBI has alleged that , raising concerns over the accuracy of the jewellery maker’s financial statements. In a 109-page interim order, the regulator said its preliminary findings indicate that the company overstated and misrepresented its operational scale and financial performance between FY21 and FY25, with around ₹15.15 trillion, or 99.8% of revenue attributed to subsidiaries, allegedly being misrepresented.
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.
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.
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