$RAJESHEXPO

Rajesh Exports Ltd staged a strong rebound in early trade on Monday, ending a seven-session losing streak and hitting the 5% upper circuit at Rs 80.23. The recovery follows a steep decline in the jewellery maker's stock, which had plunged nearly 30% over the previous seven trading sessions. On Friday, the stock touched a 52-week low of Rs 77.05 amid sustained selling pressure. The sharp fall was triggered by an interim order issued by the Securities and Exchange Board of India (Sebi), which barred the company and its founder-chairman, Rajesh Mehta, from accessing the securities market while an investigation is underway. In its June 3 order, Sebi alleged that Rajesh Exports overstated its revenue by approximately Rs 15.15 lakh crore between FY21 and FY25. The regulator claimed that the company misrepresented a significant portion of revenue generated by its overseas subsidiaries during the period and raised concerns over disclosures related to those entities. According to Sebi, nearly 97–99% of the company's consolidated revenue originated from its overseas subsidiaries, particularly Switzerland-based Valcambi SA. Responding to the allegations, Rajesh Exports issued a detailed clarification last week, strongly denying any wrongdoing and maintaining that its reported revenues and financial disclosures are accurate and legitimate.