Rajesh Exports share price falls 5% after SEBI flags ₹15 lakh crore misstatement in accounts
Rajesh Exports shares fell about 5% to ₹103.92 on Thursday after SEBI alleged the company misrepresented nearly all revenue over FY21–FY25. In a 109-page interim order, SEBI said ~₹15.15 lakh crore (99.8% of revenue from subsidiaries) was inaccurately reported and flagged discrepancies involving Switzerland-based Valcambi SA. Rajesh Mehta was barred from trading pending the probe.

Background
SEBI initiated an investigation after a March 2024 shareholder complaint about possible financial misstatements tied to large trade receivables; the interim order was released Wednesday.
Why it matters
The interim order challenges the reliability of consolidated revenue reporting, citing offshore structure discrepancies (Valcambi SA vs. consolidated figures) and alleged disclosure failures, which can drive de-rating and liquidity/positioning changes.
Market relevance
Material regulatory/accounting-integrity allegations with an immediate lower-circuit reaction and a promoter trading ban.
Market effects
Increases scrutiny risk for Indian jewellery/commodity-linked groups with complex overseas structures and consolidation disclosures.
Could pressure India small/mid-cap governance and accounting-quality sentiment, particularly in regulated disclosures.
Limited direct global read-through, but highlights cross-border subsidiary disclosure gaps that can affect investor confidence in international reporting.
Alternative perspectives
If SEBI’s findings are later narrowed or resolved without major enforcement, the selloff could partially mean-revert as investors refocus on fundamentals.
The stock already moved sharply on the news; traders should monitor whether the company files a strong rebuttal/clarifications and whether any interim order escalates to formal penalties or restatement requirements.
Key entities
- companyRajesh Exports
Jewellery maker accused by SEBI of misrepresenting nearly all revenue over FY21–FY25 and facing disclosure/accounting irregularity allegations.
- regulatorSEBI
Indian markets regulator issuing the 109-page interim order alleging revenue misstatements and directing cooperation.
- subsidiaryValcambi SA
Switzerland-based entity whose standalone revenue allegedly conflicts with Rajesh Exports’ consolidated revenue portrayal.
- personRajesh Mehta
Promoter instructed to cooperate and prohibited from trading Rajesh Exports shares until further notice.


