Rajesh Exports, which came under scrutiny after the Indian markets regulator alleged inflated financial disclosures, has refuted the claims. The revenues declared are correct and there is no over-statement of the same, the company said in an exchange filing on Thursday. “There seems to be some type of communication gap and confusion between SEBI (Securities and Exchange Board of India) and the company,” it added.
The matter pertains to Sebi’s ex-parte interim order issued on Wednesday to further investigate the Bengaluru-based company and its Chairman Rajesh Mehta for allegedly misrepresenting ₹15 lakh crore of revenues over 5 years till FY25.
The gold mining and manufacturing player said it is in the process of giving clarifications and relevant documents related to the allegations raised by Sebi. It also rejected adverse media reports about the matter, saying that it will be “shortly issuing a media clarification which would clarify and settle the unnecessary speculation in the media”.
Market Fallout
On Thursday, shares of the company hit a 5% lower band of ₹103.92 on the National Stock Exchange after Sebi’s order. The impact of the regulator’s crackdown was slightly seen in some of the institutional investors having stake in the company such as Life Insurance Corporation of India (LIC) which holds almost 11% shares of Rajesh Exports as of March 2026. LIC’s share price fell to ₹396.60 before closing almost 1% lower at ₹399.50.
Core Accusations
The regulator had made a series of allegations against the firm such as non-cooperation during initial investigations, making false claims of its investment in an African gold mine, and failure to disclose material financial information about the company, subsidiaries, and step-down subsidiaries, among others.