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.

Em relação à decisão de contestar a ordem provisória, Mehta adotou uma postura cautelosa, afirmando que não há motivo para buscar recurso jurídico no momento. "Não há multa, nem penalidade, nem ação coercitiva nesta ordem. Por que deveríamos contestá-la?", observou ele, acrescentando que quaisquer discrepâncias encontradas pela SEBI seriam simplesmente reconciliadas à medida que mais documentos forem revisados.

Uma Análise Mais Profunda do Desempenho da Ação

Apesar do salto de 5% na segunda-feira, as perspectivas de longo prazo para a Rajesh Exports permanecem sombrias. A ação sofreu uma erosão massiva de valor, despencando 55% em 2026 até agora e perdendo 87% de seu valor nos últimos três anos. Esse colapso fez com que a capitalização de mercado da empresa encolhesse significativamente para apenas ₹2.369 crore.

Principais Conclusões

• A Alegação: A investigação da SEBI sugere uma potencial inflação de 97-99% na receita, totalizando uma suposta discrepância de ₹15,15 lakh crore.
• A Defesa: A Rajesh Exports afirma que a discrepância é um erro técnico causado pela SEBI ao comparar o EBITDA em vez da Receita.
• Impacto no Mercado: A ação perdeu 87% de seu valor ao longo de três anos, embora tenha apresentado uma recuperação de 5% após o recente colapso.