SEBI bars Rajesh Exports, promoter over Rs 15.15 lakh crore revenue misrepresentation; stock down 45% in 6 months
Markets regulator SEBI has barred jewellery major Rajesh Exports and promoter Rajesh Mehta from securities markets, alleging misrepresentation of Rs 15.15 lakh crore revenue routed via Swiss subsidiary Valcambi SA and diversion of Rs 338.90 crore. Shares fell 5% to Rs 104.65, extending a six-month slide that has erased Rs 12,725 crore in market cap.
What happened
SEBI barred jewellery maker Rajesh Exports and promoter Rajesh Mehta from securities markets, alleging misrepresentation of Rs 15.15 lakh crore revenue via
Key facts
- stock -5% to Rs 104.65
- -44.63% in 6 months
- Rs 15.15 lakh crore misrepresented revenue
- 99.80% of subsidiary revenue
- Rs 11,487 crore sales
- Rs 338.90 crore diverted
- Rs 12,725.53 crore wealth erosion
Why this matters
Rajesh Exports' regulatory blow-up opens a window for distressed-asset plays on its jewellery and Valcambi refining footprint, but any inbound move must price in litigation overhang and promoter-level securities market bar.