Rajesh Exports Shares Bounce 5% Amidst Alleged ₹15.15 Lakh Cr Fraud Probe

Rajesh Exports shares saw a 5% jump to hit the upper circuit on Monday, attempting to recover after a brutal 30% crash over seven consecutive trading sessions. The volatility follows a massive SEBI interim order alleging significant revenue inflation within the company.

The SEBI Allegations: A ₹15.15 Lakh Crore Discrepancy

The sudden turmoil in Rajesh Exports' stock price was triggered by an interim order from the Securities and Exchange Board of India (SEBI). Following a shareholder complaint in March 2024, SEBI conducted a forensic review that uncovered what it described as "egregious and unheard of" findings.

The regulator’s investigation suggested that approximately 97% to 99% of the company's reported revenue might have been inflated. As a result of these findings, SEBI has restrained promoter Rajesh Mehta from buying, selling, or dealing in any securities of Rajesh Exports until further orders are issued. The scale of the alleged misreporting has sent shockwaves through the markets, contributing to a 55% decline in the stock price in 2026 so far and a staggering 87% drop over the last three years.

Rajesh Exports Defends Revenue Figures

In response to the regulatory scrutiny, Rajesh Exports has issued exchange filings to clarify its position. The company maintains that its declared revenues are accurate and denies any overstatement of earnings.

The management attributes the massive discrepancy highlighted by SEBI to a "communication gap and confusion." Specifically, the company claims that SEBI mistakenly used the EBITDA of Valcambi instead of the actual Revenue figures to calculate the alleged 97% difference. Rajesh Exports insists that its consolidated revenue statements are correct and is in the process of submitting authenticated documents to reconcile the data with the regulator.

Promoter’s Stance: No Intent to Contest SEBI

Founder and Chairman Rajesh Mehta has remained calm amidst the crisis, denying allegations that the company obstructed the audit process. In a recent interview, Mehta emphasized that the company has been forthcoming and has submitted all requested documentation to investigators.

흥미롭게도, 메타는 현재 회사가 SEBI의 잠정 지침에 법적으로 대응할 계획이 없다고 밝혔습니다. 그는 해당 명령이 잠정적인 것이며, 현재로서는 어떠한 벌금, 과태료 또는 강제 조치도 부과하지 않는다는 점을 지적했습니다. 메타는 "SEBI는 우리에게 계속해서 서류를 요청할 모든 권한과 권리가 있습니다... 그 모든 것은 이제 조정될 것입니다"라고 언급하며, 서류 검토가 완료되면 규제 당국이 올바른 결론에 도달할 것이라는 자신감을 표했습니다.

시장 영향 및 재무 건전성

주가 흐름은 투자자 신뢰의 심각한 상실을 반영하고 있습니다. Rajesh Exports의 시가총액은 이전 고점 대비 ₹2,369 crore로 급락했습니다. 월요일의 5% 반등이 약간의 숨통을 틔워주기는 했으나, 조사가 계속 진행됨에 따라 회사는 여전히 집중적인 조사를 받고 있습니다.

핵심 요약

• 막대한 불일치: SEBI는 Rajesh Exports 매출의 97~99%가 부풀려졌을 가능성이 있다고 주장하며, 이는 잠재적으로 ₹15.15 lakh crore 규모의 사건으로 이어질 수 있다고 보고 있습니다.
• 기술적 해명: 회사는 SEBI가 매출(Revenue) 대신 EBITDA를 비교했기 때문에 불일치가 발생했다며, 이를 "소통의 격차"라고 주장했습니다.
• 규제 제한: 대주주인 Rajesh Mehta는 조사가 진행되는 동안 회사 증권 거래가 금지된 상태입니다.