Overview
- SEBI's interim order dated June 3, 2026 alleges Rajesh Exports overstated consolidated revenues by about Rs 15.15 lakh crore for FY21–FY25 and flags that roughly 97–99% of those sales were recorded through overseas subsidiaries.
- The regulator says the company recognised gross gold transaction values instead of only refining or processing income and did not provide required transaction‑level invoices, customer details or several subsidiary financials to support the consolidated figures.
- A forensic review found complete supporting documentation for only a limited share of sampled transactions and SEBI has barred founder Rajesh Mehta from market access while the quasi‑judicial probe continues.
- Markets reacted sharply: the stock hit lower circuit limits for multiple sessions and the market value has collapsed to about Rs 2,770–2,800 crore, leaving large institutional and retail shareholders exposed, including a reported 10.8% LIC holding.
- Rajesh Exports denies wrongdoing, says SEBI confused EBITDA with revenue, has supplied hundreds of gigabytes of records and will resubmit documents within the regulator's deadline as the company and SEBI move through the next steps of the investigation.