15 Jun , 2026 By : Debdeep Gupta
Shares of Rajesh Exports Ltd rebounded sharply in morning trade on Monday, snapping a seven-session losing streak and hitting the 5% upper circuit at Rs 80.23.
The recovery comes after a brutal selloff in the jewellery maker's stock over the past week. On Friday, the stock had slumped to a 52-week low of Rs 77.05 after falling for seven consecutive trading sessions. Over the period, the stock shed nearly 30% of its value.
The sharp decline followed an interim order from the Securities and Exchange Board of India (Sebi), which barred the company and its founder-chairman Rajesh Mehta from accessing the securities market pending an investigation.
In its June 3 interim order, Sebi had alleged that Rajesh Exports had overstated its revenue by about Rs 15.15 lakh crore between FY21 and FY25.
Sebi alleged that Rajesh Exports misrepresented a substantial portion of the revenue reported by its overseas subsidiaries between FY21 and FY25 and raised concerns over disclosures related to those entities.
According to the regulator, around 97-99% of the company's consolidated revenue came from overseas subsidiaries, particularly Switzerland-based Valcambi SA.
In response, Rajesh Exports last week issued a detailed clarification, rejecting allegations of wrongdoing and asserting that its reported revenues and financial disclosures are genuine.
The company said the Sebi order is interim in nature and contains only preliminary observations, adding that it is in the process of addressing all concerns raised by the regulator with supporting documents and explanations.
Despite Monday's rebound, the stock remains significantly below levels seen before the Sebi action triggered the recent selloff.
Previously, in its response to a source's queries, Rajesh Exports said that the variance across different disclosures does not indicate any inconsistency or irregularity as they relate to different reporting parameters.
“With respect to the FY25 figures referred to in your email, the numbers appearing in the NSE voting results, scrutinizer report and BSE shareholding pattern relate to different reporting parameters, including voting-eligible shares as on the cut-off date, votes actually cast, and total paid-up share capital/classification data respectively. Therefore, the variance does not indicate any inconsistency or irregularity,” the company said.
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