Rajesh Exports Share Price Extends Losing Streak, Locked in 5% Lower Circuit for Fourth Session After SEBI Interim Order

The Rajesh Exports share price is locked in a 5% lower circuit for the fourth consecutive trading session on June 9, 2026, extending a crushing streak of losses triggered by a SEBI interim order dated June 3, 2026, that alleged prima facie evidence of massive revenue inflation at one of India’s largest gold and jewellery manufacturing companies. The regulatory action has wiped out approximately 20% of the Rajesh Exports share price in just four sessions, compounding an already steep year-to-date decline of around 42% that preceded the SEBI order.

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About Rajesh Exports

Rajesh Exports Limited is one of India’s largest gold and jewellery manufacturers and exporters, operating through its manufacturing facility in Bangalore. The company is also the majority owner of Valcambi SA, one of the world’s largest gold refineries based in Switzerland. Rajesh Exports has been a beneficiary of India’s gold export ecosystem and the PLI (Production Linked Incentive) scheme for jewellery. The company reported standalone sales of Rs 2,441 crore in Q4 FY26, up 27.48% year on year, though it posted a net loss of Rs 17 crore for the quarter.

Parameter	Details
NSE Symbol	RAJESHEXPO
Sector	Jewellery / Gold Refining
CMP (Jun 9, 2026)	~Rs 89 (5% lower circuit)
Pre-SEBI Order CMP	~Rs 110 (approx)
Lower Circuit Sessions	4 (June 4, 5, 8, 9)
Total Decline Since Order	~19-20%
2026 YTD Decline	~45-50%
SEBI Order Date	June 3, 2026 (interim)
Revenue Inflation Alleged	97-99% of reported revenue
Promoter Status	Rajesh Mehta barred from trading
Q4 FY26 Standalone Sales	Rs 2,441 crore (+27.48% YoY)

SEBI Interim Order: What the Regulator Alleged

SEBI’s interim order has created a governance crisis around the Rajesh Exports share price. Here is what the regulator found and what the company says:

SEBI Alleges 97-99% Revenue Inflation

SEBI’s investigation and forensic review found prima facie evidence that 97-99% of Rajesh Exports’s reported revenue may have been inflated. The regulator also flagged that auditors did not fully cooperate during the investigation process. Under the interim order, SEBI barred promoter Rajesh Mehta from dealing in Rajesh Exports securities and ordered fresh disclosures. The order requires the company to cooperate with investigative authorities and provide all necessary documentation. The Rajesh Exports share price has been hit by 5% lower circuits each day since the order became public on June 4.

Company Denies Wrongdoing, Cites Communication Gap

Rajesh Exports issued a clarification on the exchange stating the interim order is not a final adverse conclusion. The company asserted that its declared revenues are correct and that there is no overstatement of revenues. The company suggested the apparent 97% discrepancy arose because SEBI considered the EBITDA of Valcambi (a foreign subsidiary) instead of its revenue, creating a fundamental data mismatch. Rajesh Exports said it is in the process of submitting all relevant documents to SEBI to clarify the matter. The Rajesh Exports share price, however, has shown no recovery as investors wait for regulatory resolution before re-engaging with the stock.

Risk of Further Regulatory Action

Beyond the SEBI order, reports indicate that Rajesh Exports may face PLI scheme removal by the government and a probe by the Ministry of Corporate Affairs (MCA). The combination of potential PLI loss, SEBI final order, and MCA scrutiny represents multiple layers of regulatory risk that are keeping the Rajesh Exports share price in the lower circuit. The 5% daily limit means buyers cannot exit easily, amplifying panic selling as investors try to escape while liquidity allows.

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What Should Rajesh Exports Investors Do?

The Rajesh Exports share price carries extreme risk at this stage. With four consecutive lower circuits and no regulatory resolution in sight, current holders face very limited exit liquidity at the 5% lower circuit limit each day. New entrants should wait for SEBI’s final order, which will determine whether the revenue inflation allegations are substantiated and what penalties or restrictions follow. Investors should not interpret four consecutive lower circuits as a distressed value opportunity without understanding the full regulatory risk. Consult a SEBI-registered financial advisor before making any decision.

Conclusion

The Rajesh Exports share price is in its fourth consecutive 5% lower circuit as of June 9, 2026, reflecting the severity of investor concern over SEBI’s interim order alleging near-total revenue inflation. The company disputes the findings, citing a communication gap and correct accounting of Valcambi’s revenues. The outcome of SEBI’s final order and any MCA probe will determine the trajectory of the Rajesh Exports share price from here. Until regulatory clarity emerges, this remains one of the highest-risk situations in Indian equities today.

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Frequently Asked Questions (FAQs)

Why is Rajesh Exports share price locked in lower circuit?

Ans. Rajesh Exports share price has been locked in the 5% lower circuit since June 4, 2026, following a SEBI interim order dated June 3, 2026. SEBI’s investigation and forensic review found prima facie evidence suggesting that 97-99% of the company’s reported revenue may have been inflated. SEBI barred promoter Rajesh Mehta from dealing in company securities and ordered fresh disclosures.

What did SEBI find in the Rajesh Exports investigation?

Ans. SEBI’s interim order alleged massive revenue inflation at Rajesh Exports, citing forensic review findings that showed a 97% discrepancy in reported revenues. SEBI also flagged auditor non-cooperation during the investigation. The order bars promoter Rajesh Mehta from trading in company shares and requires the company to cooperate with regulators and provide all necessary documents.

What is Rajesh Exports’ response to the SEBI order?

Ans. Rajesh Exports issued a clarification stating the interim order is not a final adverse conclusion. The company said its reported revenues are correct and there is no overstatement. The company cited a communication gap between itself and SEBI, noting that SEBI may have considered EBITDA of Valcambi (a subsidiary) instead of revenue, leading to the apparent discrepancy. The company said it is submitting all required documents to SEBI to resolve the matter.

How much has Rajesh Exports share price fallen after the SEBI order?

Ans. Rajesh Exports share price has fallen approximately 20% over four consecutive lower circuit sessions since the SEBI order on June 3, 2026. The stock was down approximately 42% year-to-date in 2026 before the SEBI order, making total 2026 losses deeper. Selling pressure remains intense as the 5% lower circuit leaves limited exit liquidity.

Is Rajesh Exports share price a buying opportunity?

Ans. Rajesh Exports carries extreme risk at this stage. SEBI’s interim order alleging revenue inflation represents a governance red flag that cannot be assessed as a buying opportunity until the matter is resolved. Investors should wait for SEBI’s final order and the company’s full response with verified financial data before any assessment. This article does not constitute investment advice.

What happens next for Rajesh Exports?

Ans. Rajesh Exports faces potential follow-up from multiple regulatory bodies. Reports suggest the company may face PLI scheme removal and an MCA (Ministry of Corporate Affairs) probe. SEBI’s final order, which could include penalties and further trading restrictions, will be the key next step. The company is also expected to submit documents clarifying its revenue figures to SEBI.