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Rajesh Exports Share Plunges 70%: SEBI, ED Probes & Mysterious Emails to Investors!
- •Rajesh Exports' share price plummeted from ₹230 to ₹68.53, marking a nearly 70% decline.
- •SEBI raised serious questions regarding the confirmation of large revenue figures related to the company's overseas operations, particularly its Swiss gold refining company, Valcambi.
- •The Enforcement Directorate (ED) initiated investigations into foreign transaction records, reconciliation of approximately ₹3,000 crore in foreign receivables and payables, and discrepancies in stock records.
- •The company's 2025-26 annual report showed consolidated revenue of ₹7.79 lakh crore and profit of ₹112.50 crore, but ₹2,611.71 crore in trade receivables have been outstanding for over three years.
- •The auditor did not personally audit the financial data of REL Singapore and its foreign subsidiaries, relying instead on unaudited, board-approved figures.
Key Questions Answered
An investor who bought a share for ₹230 in February saw it close at ₹68.53 on September 23, 2026, marking a 70% decline. This fall was influenced by regulatory actions and questions raised by authorities regarding the company's financial accounts and overseas operations.
SEBI issued an interim order raising serious questions about the confirmation of large revenue figures related to the company's overseas operations, particularly its Swiss gold refining subsidiary Valcambi. The regulator restricted the company and its chairman, Rajesh Mehta, from participating in the stock market until the investigation is complete.
The group's consolidated revenue for the financial year 2025-26 was approximately ₹7.79 lakh crore with a consolidated profit of ₹112.50 crore, and no dividend was recommended. Additionally, the report noted that ₹2,611.71 crore in trade receivables have been outstanding for over three years, while the board did not make any provisions for potential losses.
