SEBI flags ₹15.15 lakh crore subsidiary revenue misstatement at Rajesh Exports; stock hits 5% lower circuit
SEBI's interim order alleges Rajesh Exports misrepresented 99.8% of Swiss arm Valcambi's revenue across FY21-FY25. Promoter Rajesh Mehta barred from trading. Shares locked at 5% lower circuit at ₹103.92, deepening a credibility crisis for India's largest gold exporter.
What happened
SEBI's interim order alleges Rajesh Exports misrepresented ₹15.15 lakh crore (99.8%) of subsidiary revenue across FY21-FY25, citing discrepancies in Swiss arm
Key facts
- ₹15.15 lakh crore
- 99.8% revenue
- 5% lower circuit
- ₹103.92
- FY21-FY25
Why this matters
The credibility collapse at India's largest gold exporter opens a window for rivals to court Valcambi's refining clients and renegotiate bullion supply terms while Rajesh Exports is consumed by regulatory defense.