{"id":113919,"date":"2026-06-11T11:47:06","date_gmt":"2026-06-11T06:17:06","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=113919"},"modified":"2026-06-11T11:47:08","modified_gmt":"2026-06-11T06:17:08","slug":"rajesh-exports-share-price-sebi-lower-circuit-2","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/rajesh-exports-share-price-sebi-lower-circuit-2\/","title":{"rendered":"Rajesh Exports Share Price Crashes 26% Since SEBI Order \u2014 Lower Circuit Locked for Sixth Straight Session as PLI Removal Threat Adds to Woes"},"content":{"rendered":"<div class=\"meta-block\"><\/div>\n<p style=\"border-left: 4px solid #1F4E79; background: #EBF3FB; padding: 10px 16px; font-style: italic;\"><em>Rajesh Exports share price: Rs 81.10 (BSE lower circuit). Prev close Rs 85.35 (-5% today). Down 26% from June 3 close of Rs 109.38. Sixth straight lower circuit session. SEBI order: Rs 15.15 lakh crore revenue misrepresentation (FY21-FY25). CMD Rajesh Mehta barred from trading. PLI scheme removal under review by Ministry of Heavy Industries.<\/em><\/p>\n<p>The <strong><a href=\"https:\/\/univest.in\/user\/stocks\/rajeshexpo\/rajesh-exports-ltd-share-price-today\">Rajesh Exports<\/a> share price<\/strong> remained locked at its 5% lower circuit for the sixth consecutive session on Thursday, June 11, 2026, trading at Rs 81.10 on the BSE with no buyers and only sellers at the circuit level. Since the SEBI interim ex-parte order was released on June 3, 2026, the <strong>Rajesh Exports share price<\/strong> has crashed approximately 26%, falling from Rs 109.38 to Rs 81.10 across six trading sessions of continuous lower circuits. The SEBI order, a 109-page document passed by Whole Time Member Kamlesh Chandra Varshney, alleges that the Bengaluru-based gold jewellery and refining company misrepresented consolidated revenues of approximately Rs 15.15 lakh crore between FY2020-21 and FY2024-25, accounting for nearly 99.8% of its total reported consolidated revenues. The <strong>Rajesh Exports share price<\/strong> faces additional headwinds from reports that the Ministry of Heavy Industries is likely to remove the company from the PLI scheme for ACC battery storage.<\/p>\n<p style=\"margin-top: 24px;\"><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&amp;utm_medium=rajesh-exports-share-price\"><strong>Click Here &#8211; Get Free Research From Univest<\/strong><\/a><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/rajesh-exports-share-price-sebi-lower-circuit-2\/#Rajesh_Exports_Share_Price_Current_Data_and_SEBI_Order_Summary\" title=\"Rajesh Exports Share Price: Current Data and SEBI Order Summary\">Rajesh Exports Share Price: Current Data and SEBI Order Summary<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/rajesh-exports-share-price-sebi-lower-circuit-2\/#SEBI_Order_The_Core_Allegations\" title=\"SEBI Order: The Core Allegations\">SEBI Order: The Core Allegations<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/rajesh-exports-share-price-sebi-lower-circuit-2\/#Company_Response_and_PLI_Threat\" title=\"Company Response and PLI Threat\">Company Response and PLI Threat<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/rajesh-exports-share-price-sebi-lower-circuit-2\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/rajesh-exports-share-price-sebi-lower-circuit-2\/#Frequently_Asked_Questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/rajesh-exports-share-price-sebi-lower-circuit-2\/#Why_is_Rajesh_Exports_share_price_hitting_lower_circuit_today\" title=\"Why is Rajesh Exports share price hitting lower circuit today?\">Why is Rajesh Exports share price hitting lower circuit today?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/rajesh-exports-share-price-sebi-lower-circuit-2\/#What_exactly_did_SEBI_allege_against_Rajesh_Exports\" title=\"What exactly did SEBI allege against Rajesh Exports?\">What exactly did SEBI allege against Rajesh Exports?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/rajesh-exports-share-price-sebi-lower-circuit-2\/#What_has_Rajesh_Exports_said_in_response_to_the_SEBI_order\" title=\"What has Rajesh Exports said in response to the SEBI order?\">What has Rajesh Exports said in response to the SEBI order?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/rajesh-exports-share-price-sebi-lower-circuit-2\/#What_is_the_PLI_scheme_risk_for_Rajesh_Exports\" title=\"What is the PLI scheme risk for Rajesh Exports?\">What is the PLI scheme risk for Rajesh Exports?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Rajesh_Exports_Share_Price_Current_Data_and_SEBI_Order_Summary\"><\/span><strong>Rajesh Exports Share Price: Current Data and SEBI Order Summary<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"width: 100%; border-collapse: collapse; font-size: 14px;\">\n<thead>\n<tr>\n<th style=\"border: 1px solid #000; padding: 7px 9px; background: #000; color: #fff; text-align: left;\">Parameter<\/th>\n<th style=\"border: 1px solid #000; padding: 7px 9px; background: #000; color: #fff; text-align: left;\">Details<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Exchange<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">BSE<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">NSE Symbol<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">RAJESHEXPO-BZ<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">CMP (BSE, lower circuit)<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Rs 81.10<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Prev Close<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Rs 85.35<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Change Today<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">-5% (lower circuit)<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Day Open\/High\/Low<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Rs 81.10 \/ Rs 81.10 \/ Rs 81.10 (locked)<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Price on June 3 (before SEBI order)<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Rs 109.38<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Cumulative fall since June 3<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">~26.0% (Rs 109.38 to Rs 81.10)<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">52-Week High<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Rs 237.88<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Distance from 52W High<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">-65.9%<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">SEBI Order<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">109-page interim ex-parte order, June 3, 2026<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">WTM<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Kamlesh Chandra Varshney (Whole Time Member)<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Alleged Revenue Misrepresentation<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Rs 15.15 lakh crore (FY21-FY25, 99.8% of total)<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Action on Promoter<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">CMD Rajesh Mehta barred from dealing in company securities<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">PLI Threat<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Ministry of Heavy Industries reviewing PLI scheme eligibility<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Company Response<\/td>\n<td style=\"border: 1px solid #000; padding: 7px 9px; background: #fff; color: #000;\">Denies misrepresentation; cites &#8216;communication gap&#8217; with SEBI<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div style=\"background: #E8EAFF; border-radius: 14px; padding: 22px 26px 18px; margin: 24px 0; cursor: pointer;\">\n<p style=\"font-size: 18px; font-weight: bold; color: #0a0a23; margin: 0 0 8px;\">Track Rajesh Exports and All SEBI-Action Stocks on Univest<\/p>\n<p style=\"font-size: 14px; color: #3a3a5c; margin: 0 0 10px;\">Univest covers SEBI-flagged stocks and corporate governance developments with daily research.<\/p>\n<ul style=\"margin: 0 0 12px 18px; color: #3a3a5c; font-size: 14px; line-height: 1.8;\">\n<li>Live Rajesh Exports share price tracking with SEBI order timeline<\/li>\n<li>Regulatory action watch on all NSE\/BSE listed companies<\/li>\n<li>Daily equity research from Univest analysts<\/li>\n<\/ul>\n<p style=\"font-size: 14px; color: #3a3a5c; margin: 0 0 12px;\">Explore the latest <a style=\"color: #3b7fff; font-weight: bold;\" href=\"https:\/\/univest.in\/user\/payment?planType=ALL_PRO%20PLANS\">Top Stock Picks<\/a> on Univest<\/p>\n<p><a style=\"display: inline-block; background: #3B7FFF; color: #fff; font-size: 14px; font-weight: 600; padding: 10px 22px; border-radius: 50px; text-decoration: none;\" href=\"https:\/\/univest.in\/user\/payment?planType=ALL_PRO%20PLANS\" target=\"_blank\" rel=\"noopener\">See the Stocks \u2192<\/a><\/p>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"SEBI_Order_The_Core_Allegations\"><\/span><strong>SEBI Order: The Core Allegations<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The <strong>Rajesh Exports share price<\/strong> collapse is rooted in the extraordinary scale of SEBI&#8217;s allegations. The order claims that revenues attributed to the company&#8217;s subsidiaries, particularly its Swiss entity Valcambi SA, were massively inflated in consolidated financial statements. SEBI alleged that over Rs 15.15 lakh crore of revenue reported between FY21 and FY25 was misrepresented, which if accurate, would represent one of the largest alleged financial frauds in Indian corporate history. In addition to revenue misrepresentation, SEBI alleged fund diversion, opaque related-party transactions, and disclosure failures. The regulator has ordered a fresh forensic audit, barred CMD Rajesh Mehta from trading in the company&#8217;s securities, and required full cooperation with investigators.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Company_Response_and_PLI_Threat\"><\/span><strong>Company Response and PLI Threat<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Rajesh Exports has denied the allegations, stating in a stock exchange filing that its revenues are correctly stated and attributed the discrepancy to a &#8220;communication gap&#8221; where SEBI may have used Valcambi&#8217;s EBITDA instead of Revenue in its calculations. The company is submitting documentation to SEBI to clarify its position. However, the denial has not arrested the <strong>Rajesh Exports share price<\/strong> decline, as market participants are not willing to buy at any price until regulatory clarity emerges. The additional risk from the PLI scheme removal could strip the company of future incentive-linked revenues from its battery storage business.<\/p>\n<p style=\"margin-top: 24px;\"><a href=\"https:\/\/univest.in\/screeners\"><strong>Track Rajesh Exports Share Price Live on the Univest Screener<\/strong><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The <strong>Rajesh Exports share price<\/strong> at Rs 81.10 is in a sixth straight lower circuit session with no near-term catalyst visible for a reversal. The SEBI order allegations, CMD trading ban, pending forensic audit, and PLI scheme removal threat create multiple layers of fundamental risk. Until SEBI finalises its order, the <strong>Rajesh Exports share price<\/strong> is likely to remain under severe pressure. Investors should avoid fresh positions in stocks facing ongoing regulatory investigations. Track live price data on Univest.<\/p>\n<p style=\"margin-top: 24px;\"><em>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&amp;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track Rajesh Exports share price and SEBI regulatory action alerts on Univest.<\/em><\/p>\n<div style=\"background: #CC0000; border-radius: 8px; padding: 16px 20px; margin: 24px 0;\">\n<p style=\"color: #ffffff; font-size: 13px; line-height: 1.7; margin: 0;\"><strong style=\"color: #ffffff;\">Disclaimer:<\/strong> Data sourced from NSE\/BSE\/public filings. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776). Investments are subject to market risk. Consult a SEBI-registered financial advisor before investing.<\/p>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Why_is_Rajesh_Exports_share_price_hitting_lower_circuit_today\"><\/span><strong>Why is Rajesh Exports share price hitting lower circuit today?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans. Rajesh Exports share price is hitting a 5% lower circuit for the sixth consecutive session following SEBI&#8217;s 109-page interim ex-parte order passed on June 3, 2026. The order alleges that Rajesh Exports misrepresented consolidated revenues by approximately Rs 15.15 lakh crore between FY2020-21 and FY2024-25, accounting for nearly 99.8% of total reported consolidated revenues. SEBI has barred Chairman and Managing Director Rajesh Mehta from buying, selling, or dealing in company securities. Additional selling pressure came after reports emerged that the Ministry of Heavy Industries is reviewing the company&#8217;s eligibility under the PLI scheme for ACC battery storage.<\/strong><\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_exactly_did_SEBI_allege_against_Rajesh_Exports\"><\/span><strong>What exactly did SEBI allege against Rajesh Exports?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans. SEBI&#8217;s 109-page interim order alleges five categories of violations: first, massive revenue inflation aggregating Rs 15.15 lakh crore between FY21 and FY25, representing approximately 99.8% of total reported consolidated revenues during the period; second, fund diversion from the listed entity; third, opaque related-party transactions involving entities linked to the company&#8217;s lithium-ion cell and battery storage business; fourth, disclosure failures; fifth, alleged violations involving two subsidiaries, Elest Private Limited and ACC Energy Storage Private Limited. SEBI has ordered a fresh forensic audit of the company&#8217;s books.<\/strong><\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_has_Rajesh_Exports_said_in_response_to_the_SEBI_order\"><\/span><strong>What has Rajesh Exports said in response to the SEBI order?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans. Rajesh Exports has issued a stock exchange clarification stating the SEBI order is interim and no adverse conclusion has been arrived at. The company said its declared revenues are correct and there is no overstatement. It attributed the discrepancy to what it called a &#8216;communication gap and confusion between SEBI and the company,&#8217; noting that SEBI may have considered EBITDA of its Swiss subsidiary Valcambi instead of Revenue, which led to an apparent 97% discrepancy in revenue figures. The company stated it is in the process of submitting all required documents to SEBI.<\/strong><\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_PLI_scheme_risk_for_Rajesh_Exports\"><\/span><strong>What is the PLI scheme risk for Rajesh Exports?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans. Rajesh Exports is a beneficiary under the Production-Linked Incentive (PLI) scheme for advanced chemistry cell (ACC) battery storage, administered by the Ministry of Heavy Industries (MHI). Following the SEBI order, reports emerged that MHI has a strong view that the company should be dropped from the PLI scheme, with the final decision expected imminently. If removed from the PLI scheme, Rajesh Exports loses access to incentive payments tied to production targets in battery storage, a key growth vertical beyond its core gold jewellery and refining business.<\/strong><\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"Why is Rajesh Exports share price hitting lower circuit today?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Rajesh Exports share price is hitting a 5% lower circuit for the sixth consecutive session following SEBI's 109-page interim ex-parte order passed on June 3, 2026. The order alleges that Rajesh Exports misrepresented consolidated revenues by approximately Rs 15.15 lakh crore between FY2020-21 and FY2024-25, accounting for nearly 99.8% of total reported consolidated revenues. SEBI has barred Chairman and Managing Director Rajesh Mehta from buying, selling, or dealing in company securities. Additional selling pressure came after reports emerged that the Ministry of Heavy Industries is reviewing the company's eligibility under the PLI scheme for ACC battery storage.\"}},{\"@type\":\"Question\",\"name\":\"What exactly did SEBI allege against Rajesh Exports?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"SEBI's 109-page interim order alleges five categories of violations: first, massive revenue inflation aggregating Rs 15.15 lakh crore between FY21 and FY25, representing approximately 99.8% of total reported consolidated revenues during the period; second, fund diversion from the listed entity; third, opaque related-party transactions involving entities linked to the company's lithium-ion cell and battery storage business; fourth, disclosure failures; fifth, alleged violations involving two subsidiaries, Elest Private Limited and ACC Energy Storage Private Limited. SEBI has ordered a fresh forensic audit of the company's books.\"}},{\"@type\":\"Question\",\"name\":\"What has Rajesh Exports said in response to the SEBI order?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Rajesh Exports has issued a stock exchange clarification stating the SEBI order is interim and no adverse conclusion has been arrived at. The company said its declared revenues are correct and there is no overstatement. It attributed the discrepancy to what it called a 'communication gap and confusion between SEBI and the company,' noting that SEBI may have considered EBITDA of its Swiss subsidiary Valcambi instead of Revenue, which led to an apparent 97% discrepancy in revenue figures. The company stated it is in the process of submitting all required documents to SEBI.\"}},{\"@type\":\"Question\",\"name\":\"What is the PLI scheme risk for Rajesh Exports?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Rajesh Exports is a beneficiary under the Production-Linked Incentive (PLI) scheme for advanced chemistry cell (ACC) battery storage, administered by the Ministry of Heavy Industries (MHI). Following the SEBI order, reports emerged that MHI has a strong view that the company should be dropped from the PLI scheme, with the final decision expected imminently. If removed from the PLI scheme, Rajesh Exports loses access to incentive payments tied to production targets in battery storage, a key growth vertical beyond its core gold jewellery and refining business.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Rajesh Exports share price locked at lower circuit for 6th straight session, down 26% since SEBI June 3 order alleging Rs 15.15 lakh crore revenue misrepresentation.<\/p>\n","protected":false},"author":34,"featured_media":114082,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[842],"tags":[4183],"class_list":["post-113919","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-share-price-crashes"],"metadata":{"rank_math_internal_links_processed":["1"],"_edit_lock":["1781158684:23"],"_last_editor_used_jetpack":["block-editor"],"rank_math_primary_category":["842"],"rank_math_seo_score":["80"],"rank_math_title":["Rajesh Exports Share Price: Lower Circuit 6th Day, Down 26%"],"rank_math_description":["Rajesh Exports share price hits 5% lower circuit for sixth straight session, down 26% since SEBI June 3 order. Revenue misrepresentation Rs 15.15 lakh crore alleged. PLI threat."],"rank_math_focus_keyword":["Rajesh Exports Share Price"],"rank_math_robots":["a:2:{i:0;s:8:\"nofollow\";i:1;s:7:\"noindex\";}"],"_thumbnail_id":["114082"],"_edit_last":["23"],"_ez-toc-disabled":[""],"_ez-toc-insert":[""],"_ez-toc-header-label":[""],"_ez-toc-alignment":["none"],"_ez-toc-heading-levels":["a:0:{}"],"_ez-toc-alttext":[""],"_ez-toc-visibility_hide_by_default":[""],"_ez-toc-hide_counter":[""],"_ez-toc-exclude":[""],"_ez-toc-position-specific":["before"],"stm_select_gm_zoom":[""],"stm_agenda":[""],"stm_host":[""],"stm_select_approved_denied":[""],"stm_multiselect_approved":[""],"stm_multiselect_denied":[""],"stm_date":[""],"stm_time":[""],"stm_timezone":[""],"stm_duration":[""],"stm_password":[""],"stm_waiting_room":[""],"stm_join_before_host":[""],"stm_host_join_start":[""],"stm_start_after_participants":[""],"stm_mute_participants":[""],"stm_enforce_login":[""],"stm_alternative_hosts":[""],"top_bar_custom_style":[""],"top_bar_bg":[""],"wc_top_bar_cart_custom_style":[""],"wc_top_bar_cart_color":[""],"wc_top_bar_cart_icon_color_hover":[""],"wc_top_bar_cart_counter_color":[""],"wc_top_bar_cart_counter_color_hover":[""],"wc_top_bar_cart_counter_bg":[""],"wc_top_bar_cart_counter_bg_hover":[""],"top_bar_wpml_switcher_custom_style":[""],"wpml_switcher_color":[""],"top_bar_wpml_switcher_bg":[""],"top_bar_wpml_switcher_bg_hover":[""],"top_bar_wpml_switcher_color_hover":[""],"top_bar_socials_custom_style":[""],"top_bar_socials_color":[""],"top_bar_socials_color_hover":[""],"top_bar_search_custom_style":[""],"top_bar_search_color":[""],"top_bar_search_icon_color_hover":[""],"top_bar_contact_info_style":[""],"top_bar_contact_info_color":[""],"top_bar_contact_info_link_color":[""],"top_bar_contact_info_link_color_hover":[""],"top_bar_contact_info_select_bg":[""],"top_bar_contact_info_select_color":[""],"top_bar_contact_info_select_drop_bg":[""],"top_bar_contact_info_select_items_bg":[""],"top_bar_contact_info_select_items_color":[""],"top_bar_contact_info_select_items_hover":[""],"header_inverse":["default"],"enable_header_transparent":["off"],"header_nav_custom_style":[""],"header_bg":[""],"header_shadow":[""],"wc_cart_custom_style":[""],"wc_cart_icon_color":[""],"wc_cart_icon_color_hover":[""],"wc_cart_counter_color":[""],"wc_cart_counter_color_hover":[""],"wc_cart_counter_bg":[""],"wc_cart_counter_bg_hover":[""],"header_wpml_switcher_custom_style":[""],"header_wpml_switcher_color":[""],"header_wpml_switcher_color_hover":[""],"header_wpml_switcher_bg":[""],"header_wpml_switcher_bg_hover":[""],"header_socials_custom_style":[""],"header_socials_color":[""],"header_socials_color_hover":[""],"header_search_custom_style":[""],"header_search_icon_color":[""],"header_search_icon_color_hover":[""],"header_contact_info_style":[""],"header_contact_info_color":[""],"header_contact_info_link_color":[""],"header_contact_info_link_color_hover":[""],"header_button_custom_style":[""],"header_button_color":[""],"header_button_color_hover":[""],"header_button_bg":[""],"header_button_bg_hover":[""],"header_nav_menu_customize":[""],"header_nav_menu_link_color":[""],"header_nav_menu_link_color_hover":[""],"header_nav_menu_link_color_active":[""],"header_nav_menu_link_arrow_color":[""],"header_nav_menu_link_arrow_color_hover":[""],"header_nav_menu_level_1_bg":[""],"header_nav_menu_level_1_link_color":[""],"header_nav_menu_level_1_link_color_hover":[""],"header_nav_menu_level_1_link_bg_hover":[""],"header_nav_menu_level_1_link_arrow_color":[""],"header_nav_menu_level_1_link_arrow_color_hover":[""],"header_nav_menu_level_2_bg":[""],"header_nav_menu_level_2_link_color":[""],"header_nav_menu_level_2_link_color_hover":[""],"header_nav_menu_level_2_link_bg_hover":[""],"header_mega_menu_bg":[""],"header_mega_menu_title_color":[""],"header_mega_menu_title_color_hover":[""],"header_mega_menu_description_color":[""],"header_mega_menu_description_link_color":[""],"header_mega_menu_description_link_color_hover":[""],"header_mega_menu_color":[""],"header_mega_menu_color_hover":[""],"header_mega_menu_border_color":[""],"header_mega_menu_icons_color":[""],"header_nav_menu_customize_end":[""],"hfe_enabled_notice":[""],"disable_title_box":["default"],"hfe_disabled":[""],"enable_transparent":["default"],"title_box_title_bg_color":[""],"title_box_bg_custom_image":["default"],"title_box_bg_image":[""],"title_box_bg_position":["default"],"metabox_title_box_bg_position_x":[""],"metabox_title_box_bg_position_y":[""],"metabox_title_box_bg_attachment":["default"],"title_box_bg_size":["default"],"metabox_title_box_bg_size_slider":[""],"title_box_bg_repeat":["default"],"disable_title":["default"],"title_box_title_color":[""],"title_box_title_line_color":[""],"disable_breadcrumbs":["default"],"metabox_title_box_breadcrumbs_color":[""],"metabox_title_box_links_color":[""],"metabox_title_box_links_color_hover":[""],"content_bg_transparent":[""],"show_popup_single":[""],"popups_single":[""],"popups_single_event":[""],"popup_single_event_open_delay":[""],"popup_single_event_showing_in":[""],"popup_single_event_date_from":[""],"popup_single_event_date_to":[""],"popup_single_event_time_from":[""],"popup_single_event_time_to":[""],"popup_single_animation":[""],"popup_single_responsive":[""],"separator_footer_copyright_border_t":[""],"name":[""],"email":[""],"phone":[""],"company":[""],"memberId":[""],"testimonial_position":[""],"testimonial_company":[""],"testimonial_bg_img":[""],"testimonial_video_url":[""],"popups_width":[""],"popups_height":[""],"popups_image_bg":[""],"popups_color_bg":[""],"popups_border_radius":[""],"popups_template":[""],"rank_math_analytic_object_id":["17116"]},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2026\/06\/Rajesh-Exports-Share-Price-Crashes.jpg","_links":{"self":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/113919","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/comments?post=113919"}],"version-history":[{"count":1,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/113919\/revisions"}],"predecessor-version":[{"id":114085,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/113919\/revisions\/114085"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media\/114082"}],"wp:attachment":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media?parent=113919"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/categories?post=113919"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/tags?post=113919"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}