Rajesh Exports Share Price Falls: SEBI Action, Revenue Fraud & What Investors Must Know
By Kaushik Brahmakshatriya
Published On 07 June 2026.
Rajesh Exports share price fall
India’s stock market witnessed a significant shock in early June 2026 when shares of Rajesh Exports Limited (NSE: RAJESHEXPO) collapsed sharply after the Securities and Exchange Board of India (SEBI) issued a hard-hitting interim order against the company and its founder. Once celebrated as a jewellery industry giant, the company now faces one of the most serious regulatory crises in recent Indian corporate history.
If you are an existing investor or someone tracking this stock, this detailed blog post covers every key reason behind the fall, the financial damage, and whether the stock deserves a second look.
What Triggered the Sudden Fall in Rajesh Exports Share Price?
Shares of Rajesh Exports fell 5% and hit the lower circuit on Thursday, June 4, 2026, after SEBI barred the company’s promoter and CEO Rajesh Mehta from dealing in the company’s securities. The market regulator took this action alleging large-scale misrepresentation of financial statements and diversion of company funds. (India TV News)
This was not a gradual decline — the stock opened gap-down, sending panic across retail investors who were already sitting on heavy losses.
SEBI’s interim order alleges that approximately ₹15.15 lakh crore was misrepresented over five years, making it one of the largest cases of alleged financial misrepresentation in recent corporate history. The regulator has ordered a fresh forensic audit and restrained Rajesh Mehta from dealing in Rajesh Exports shares in any way.
Rajesh Exports Share Price Performance Snapshot (June 2026)
| Parameter | Value |
| Stock Price on June 4, 2026 | ₹104.65 (Lower Circuit) |
| Previous Close | ₹110.15 |
| 52-Week High | ₹239 (Dec 22, 2025) |
| 52-Week Low | ₹80.11 (April 2, 2026) |
| Fall from 52-Week High | ~54% |
| Year-to-Date (YTD) Fall | ~41.60% |
| 10-Year Return | -80.12% |
| Market Cap (approx.) | ₹3,089 crore |
The SEBI Order: What Exactly Happened?
According to SEBI’s investigation, Rajesh Exports recorded sales of approximately ₹11,487 crore and purchases of about ₹11,488 crore with a company called Affluence Shares and Stocks Pvt Ltd between FY22 and FY24. These transactions accounted for around two-thirds of the company’s standalone sales and purchases. However, Affluence informed regulators that Rajesh Exports was never its client and that no such transactions had ever been executed with the company.
SEBI alleged that Rajesh Exports misrepresented approximately ₹15.15 lakh crore, or 99.80% of the revenues generated by its subsidiaries between FY21 and FY25.
In simple terms, the revenues reported by the company over a five-year period were allegedly almost entirely fabricated — a staggering claim that shook investor confidence instantly.
Rajesh Mehta responded by saying, “It is an interim order and nothing in it is true,” adding that the company was reviewing the findings and would issue a detailed statement.
Rajesh Exports Q4 FY26 Financial Results
| Financial Metric | Q4 FY26 | Q4 FY25 | Change |
| Revenue from Operations | ₹2,36,864 crore | ₹1,09,189 crore | +116.9% YoY |
| Net Profit / (Loss) | ₹-53.46 crore | ₹+1.96 crore | Turned to Loss |
| Net Profit Change | -2843% YoY | — | Massive Decline |
| SEBI Allegation on Revenue | Inflated/Misrepresented | — | Under Investigation |
While the revenue figures appear extraordinary on paper, the company posted a net loss of ₹53.46 crore in the March 2026 quarter, compared to a profit of ₹1.96 crore year-on-year (Business Standard) — raising sharp questions about where all that reported revenue actually went.
Why Has the Stock Been aLong-Term Underperformer?
Beyond the SEBI crisis, Rajesh Exports has been a deeply disappointing stock for long-term investors. The stock has corrected by 80.12% over the last 10 years and fallen 48.57% over just the past one year. On a year-to-date basis, it has dropped 41.60%, compared to a 12.72% fall in the benchmark index.
The company also has structural concerns:
- A low return on equity of just 1.16% over the last 3 years, and despite reporting repeated profits in earlier years, it has not been paying out dividends to shareholders. (Screener)
- In Q1 FY26 (June 2025), the company had already reported a consolidated net loss of ₹9.53 crore, compared to a profit of ₹11.86 crore in Q1 FY25, and profit before tax had tumbled nearly 90% year-on-year. (business-standard)
Rajesh Exports — Key Red Flags for Investors
| Red Flag | Detail |
| SEBI Interim Order | Revenue misrepresentation of ₹15.15 lakh crore (FY21–FY25) |
| Promoter Barred | Rajesh Mehta banned from buying/selling RAJESHEXPO shares |
| Net Loss Q4 FY26 | ₹53.46 crore net loss despite ₹2.36 lakh crore reported revenue |
| 10-Year Stock Return | -80.12% (massive wealth destruction) |
| ROE (3 Years) | Only 1.16% — extremely poor capital efficiency |
| Forensic Audit Ordered | Fresh forensic audit mandated by SEBI |
| Fake Transactions Alleged | ₹11,487 crore transactions with Affluence Shares flagged as fictitious |
Should Investors Buy, Hold, or Exit?
This is not a simple dip-buying opportunity. The allegations are systemic in nature. A forensic audit is underway, the promoter is restrained, and the company’s entire revenue reporting model is under scrutiny. Until SEBI’s final order arrives and an independent forensic report clears (or confirms) the allegations, the stock carries extreme regulatory risk.
Investors currently holding the stock should consult a SEBI-registered investment advisor before making any decision. This blog does not constitute investment advice.
Frequently Asked Questions (FAQ)
Q1. Why did Rajesh Exports share price fall on June 4, 2026?
SEBI issued an interim order alleging that the company’s promoter Rajesh Mehta misrepresented nearly ₹15.15 lakh crore in revenue over five years and diverted company funds. The promoter was barred from trading in the stock, triggering a 5% lower circuit on June 4, 2026.
Q2. What is the current share price of Rajesh Exports?
As of June 4, 2026, the stock was locked at ₹104.65 in the lower circuit on BSE. The stock is down roughly 54% from its 52-week high of ₹239.
Q3. What is SEBI’s main allegation against Rajesh Exports?
SEBI alleges that 99.80% of the revenues reported by Rajesh Exports’ subsidiaries between FY21 and FY25 — totalling ₹15.15 lakh crore — were misrepresented. Fake transactions with third parties have also been flagged.
Q4. Has Rajesh Exports responded to SEBI’s order?
Yes. The company rejected all adverse media reports and called SEBI’s interim order inaccurate. Rajesh Mehta stated that the allegations are not true and that a detailed response would be issued.
Q5. Is the SEBI order final?
No. This is an interim order, not a final judgment. SEBI has ordered a fresh forensic audit and the matter is still under investigation. The promoter has been given an opportunity to present their case.
Q6. What happened to Rajesh Exports’ Q4 FY26 profit?
The company reported a net loss of ₹53.46 crore in Q4 FY26, reversing a small profit of ₹1.96 crore in Q4 FY25 — a staggering decline of over 2800% year-on-year.
Q7. Is Rajesh Exports a good stock to invest in now?
Given the active SEBI investigation, forensic audit, promoter ban, and extreme stock volatility, the risk is very high at this stage. Investors should wait for regulatory clarity before considering any position.
Investment Disclaimer: This blog post is for informational and educational purposes only. It does not constitute investment advice or a recommendation to buy or sell any securities. Stock markets are subject to risks. Please consult a SEBI-registered financial advisor before making investment decisions.we are not responsible any loss.
