SEBI bars Rajesh Exports, promoter Mehta over alleged Rs 15.15 lakh crore revenue misrepresentation
Regulator alleges jewellery maker misstated nearly all FY21-FY25 revenue via Valcambi SA and Affluence, plus Rs 338.9 cr fund diversion. Stock fell 5% to Rs 104.65, down 44.63% in six months. LIC holds 10.8%, FIIs 14.3%, promoters 54.55%; Rs 12,725.53 cr wealth erosion flagged.
What happened
SEBI barred jewellery maker Rajesh Exports and promoter Rajesh Mehta from securities markets, alleging misrepresentation of nearly all revenue over FY21-FY25
Key facts
- 10.80% LIC stake
- 14.3% FII
- 54.55% promoter
- shares -5% to Rs 104.65
- -44.63% in 6 months
- Rs 15.15 lakh crore alleged misrepresentation
- Rs 338.90 crore diverted
- Rs 12,725.53 crore wealth erosion
Why this matters
Any M&A, refinancing, or partnership conversations involving Rajesh Exports should be paused until the Rs 338.9 cr diversion allegation and revenue misstatement scope are independently verified.