Rajesh Exports Shares Rise 5% Amidst ₹15.15 Lakh Crore Fraud Allegations
After a devastating 30% crash over seven consecutive sessions, Rajesh Exports shares hit the upper circuit on Monday, rising 5% to reach ₹80.23 on the NSE. This sudden recovery follows intense market volatility triggered by a massive investigation by the Securities and Exchange Board of India (SEBI) into alleged revenue inflation.
The SEBI Interim Order and Allegations of Massive Revenue Inflation
The turbulence began following an interim order from SEBI, which surfaced after a shareholder complaint in March 2024. SEBI’s forensic review has produced what it describes as "egregious and unheard of" evidence, suggesting that approximately 97% to 99% of the company's reported revenue may have been inflated. The scale of this alleged discrepancy is staggering, pointing toward a potential ₹15.15 lakh crore revenue inflation saga.
As part of its regulatory action, SEBI has restrained the company’s promoter, Rajesh Mehta, from buying, selling, or dealing in any securities of Rajesh Exports until further orders. The regulator has also mandated that the company cooperate fully with the ongoing investigation to determine the veracity of these claims.
Rajesh Exports Denies Fraud, Cites "Communication Gap"
In a series of exchange filings, Rajesh Exports has vehemently denied any wrongdoing, maintaining that its declared revenues are accurate. The company has attributed the discrepancy to what it calls a "communication gap and confusion" between itself and the market regulator.
Specifically, the company clarified that the 97% difference cited by SEBI stems from a technical misunderstanding. Rajesh Exports claims that SEBI mistakenly considered the EBITDA of Valcambi instead of the actual Revenue, leading to the perceived inflation. The company expressed confidence that once authenticated documents are submitted, SEBI will arrive at the correct conclusion.
Promoter Rajesh Mehta Responds to Investigation
Founder and Chairman Rajesh Mehta has also stepped forward to defend the company's integrity. In a recent interview, Mehta denied allegations that the company had hindered the audit process, asserting that Rajesh Exports has been completely forthcoming with investigators.
Respecto a la decisión de impugnar la orden provisional, Mehta adoptó una postura cautelosa, afirmando que actualmente no hay razón para buscar recursos legales. "No hay multa, ni penalización, ni acción coercitiva en esta orden. ¿Por qué deberíamos impugnarla?", comentó, añadiendo que cualquier discrepancia encontrada por SEBI simplemente se reconciliaría a medida que se revisen más documentos.
Un análisis más profundo del rendimiento de la acción
A pesar del salto del 5% el lunes, las perspectivas a largo plazo para Rajesh Exports siguen siendo sombrías. La acción ha experimentado una erosión masiva de su valor, cayendo un 55% en lo que va de 2026 y perdiendo un 87% de su valor en los últimos tres años. Este colapso ha provocado que la capitalización de mercado de la empresa se reduzca significativamente hasta alcanzar solo ₹2,369 crore.
Conclusiones clave
- La alegación: La investigación de SEBI sugiere una posible inflación del 97-99% en los ingresos, lo que supone una supuesta discrepancia de ₹15.15 lakh crore.
- La defensa: Rajesh Exports afirma que la discrepancia es un error técnico causado por el hecho de que SEBI comparó el EBITDA en lugar de los ingresos.
- Impacto en el mercado: La acción ha perdido el 87% de su valor en tres años, aunque experimentó una recuperación del 5% tras el reciente desplome.