SEBI bars Rajesh Exports over ₹15.15 lakh crore revenue misrepresentation; LIC, retail investors exposed
Markets regulator SEBI has barred jewellery maker Rajesh Exports and its promoter from securities markets after finding ₹15.15 lakh crore in misrepresented revenues routed via overseas subsidiaries. Stock hit 5% lower circuit at ₹104.65, eroding ₹12,725 crore in wealth. LIC's 10.8% stake and 1.94 lakh retail investors holding 14.13% face ₹770 crore in combined exposure.
What happened
SEBI barred jewellery maker Rajesh Exports and its promoter from securities markets after finding ₹15.15 lakh crore in misrepresented revenues via overseas
Key facts
- ₹770 crore at risk
- ₹15.15 lakh crore misrepresented
- 10.8% LIC stake
- 14.13% retail stake
- ₹12,725 crore wealth eroded
- 5% lower circuit
- ₹104.65 day low
Why this matters
Any deal involving Rajesh Exports' overseas subsidiary structure is frozen indefinitely; rival jewellery consolidators should expect heightened diligence on revenue recognition across the sector.