Rajesh Exports Shares Rally 5% Amid Massive ₹15.15 Lakh Cr Fraud Allegations

After a brutal 30% collapse in just seven consecutive trading sessions, Rajesh Exports shares found a brief reprieve, hitting the upper circuit with a 5% jump on Monday. The stock's volatility follows a bombshell interim order from the Securities and Exchange Board of India (SEBI) regarding a suspected massive revenue inflation scheme.

The SEBI Investigation and the ₹15.15 Lakh Crore Allegation

The turbulence began when SEBI issued an interim order following a shareholder complaint received in March 2024. The regulator’s forensic review suggested "egregious and unheard of" discrepancies, with prima facie evidence indicating that approximately 97% to 99% of the company's revenue might have been inflated. This alleged misreporting involves a staggering sum of ₹15.15 lakh crore.

In response to these findings, 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 Defends Revenue Integrity

The company has hit back at the allegations, characterizing the situation as a "communication gap and confusion" between the regulator and the firm. In an exchange filing, Rajesh Exports maintained that its declared revenues are accurate and that no overstatement of earnings has occurred.

According to the company, the massive 97% discrepancy cited by SEBI stems from a fundamental misunderstanding of data. Rajesh Exports claims that SEBI mistakenly considered the EBITDA of Valcambi (a subsidiary/associate) instead of the actual Revenue, leading to the perceived gap. The company is currently in the process of submitting authenticated documents to reconcile these figures and clear the air.

Promoter Rajesh Mehta Responds to Allegations

Founder and Chairman Rajesh Mehta has firmly denied claims that the company has obstructed the audit process. Speaking to PTI, Mehta asserted that the company has been entirely forthcoming, stating, "We have submitted everything we were asked for."

针对 SEBI 的临时命令，Mehta 指出，由于该命令目前并未施加罚款、处罚或强制措施，公司认为目前没有立即进行法律抗辩的理由。他表示有信心，通过文件的核对最终将澄清事实。

市值剧烈下跌

尽管近期在 NSE 上上涨 5% 至 80.23 卢比，但该股票的长期前景依然黯淡。公司面临着投资者财富的严重缩水，2026 年至今股价已下跌 55%。从更长远的角度看，该股在过去三年中已暴跌 87%，使其市值仅剩 236.9 亿卢比。

核心要点

• SEBI 的指控： 监管机构根据法务审计怀疑其营收虚增了 97-99%，可能涉及 15.15 万亿卢比。
• 公司的反驳： Rajesh Exports 声称该差异是计算错误，即 SEBI 使用了 Valcambi 的 EBITDA 而非总营收。
• 大股东限制： 在调查最终结果公布前，大股东 Rajesh Mehta 目前被禁止交易该公司的证券。