Rajesh Exports Share Price Crashes 26% Since SEBI Order — Lower Circuit Locked for Sixth Straight Session as PLI Removal Threat Adds to Woes

The Rajesh Exports share price 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 Rajesh Exports share price 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 Rajesh Exports share price 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.

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Rajesh Exports Share Price: Current Data and SEBI Order Summary

Parameter	Details
Exchange	BSE
NSE Symbol	RAJESHEXPO-BZ
CMP (BSE, lower circuit)	Rs 81.10
Prev Close	Rs 85.35
Change Today	-5% (lower circuit)
Day Open/High/Low	Rs 81.10 / Rs 81.10 / Rs 81.10 (locked)
Price on June 3 (before SEBI order)	Rs 109.38
Cumulative fall since June 3	~26.0% (Rs 109.38 to Rs 81.10)
52-Week High	Rs 237.88
Distance from 52W High	-65.9%
SEBI Order	109-page interim ex-parte order, June 3, 2026
WTM	Kamlesh Chandra Varshney (Whole Time Member)
Alleged Revenue Misrepresentation	Rs 15.15 lakh crore (FY21-FY25, 99.8% of total)
Action on Promoter	CMD Rajesh Mehta barred from dealing in company securities
PLI Threat	Ministry of Heavy Industries reviewing PLI scheme eligibility
Company Response	Denies misrepresentation; cites ‘communication gap’ with SEBI

SEBI Order: The Core Allegations

The Rajesh Exports share price collapse is rooted in the extraordinary scale of SEBI’s allegations. The order claims that revenues attributed to the company’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’s securities, and required full cooperation with investigators.

Company Response and PLI Threat

Rajesh Exports has denied the allegations, stating in a stock exchange filing that its revenues are correctly stated and attributed the discrepancy to a “communication gap” where SEBI may have used Valcambi’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 Rajesh Exports share price 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.

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Conclusion

The Rajesh Exports share price 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 Rajesh Exports share price is likely to remain under severe pressure. Investors should avoid fresh positions in stocks facing ongoing regulatory investigations. Track live price data on Univest.

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Frequently Asked Questions

Why is Rajesh Exports share price hitting lower circuit today?

Ans. 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.

What exactly did SEBI allege against Rajesh Exports?

Ans. 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.

What has Rajesh Exports said in response to the SEBI order?

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 ‘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.

What is the PLI scheme risk for Rajesh Exports?

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.