Rajesh Exports tumbles 9% in two days as ED raids deepen accounting crisis
Enforcement Directorate searched nine premises tied to alleged Rs 3,000 crore trade receivable adjustments and undisclosed African gold mining stakes. Action follows SEBI's interim order flagging Rs 15.15 lakh crore in revenue misreporting and barring promoter Rajesh Mehta, compounding pressure on the Bengaluru gold major.
What happened
Rajesh Exports shares fell 9% over two days as ED searched nine premises over alleged Rs 3,000 crore trade receivable adjustments and unrecorded African gold
Key facts
- 9.06%
- Rs 97.75
- Rs 3,000 crore
- Rs 1,000 crore
- Rs 15.15 lakh crore
- 97-99%
Why this matters
Treat Rajesh Exports as untouchable for partnerships or M&A optionality until SEBI and ED proceedings conclude, but monitor distressed-asset opportunities around the African gold mining stakes.
What to watch
- ED filing of PMLA case or attachment order on company assets
- SEBI confirmatory order post personal hearing (60-day window)
- Auditor resignation or going-concern qualification
- Credit rating action by CRISIL/ICRA
- Bourse circuit filter tightening or ASM/GSM stage upgrade
- African subsidiary disclosure under FEMA/ODI rules
- Block deals indicating institutional exit
- Track auditor (Deloitte Haskins) continuity and any qualification in upcoming filings
- Monitor lender disclosures from SBI, Union Bank consortium for facility reviews
- Watch FII/DII shareholding changes in next disclosure cycle
- Screen gold sector peers (Titan, Kalyan, Senco) for spillover discount or share gain
- Check promoter pledge data and margin call risk on Rajesh Mehta holdings