Shares of Rajesh Exports Ltd plunged 5 per cent in Friday's trade to hit the lower circuit limit for the second straight session, despite the company saying it had done no wrong and that all its financial reporting had been accurate.

The stock was locked at its lower circuit limit at Rs 99.45 apiece on BSE. Rajesh Exports has been in focus after markets regulator suspected the company of misrepresenting approximately Rs 15.15 lakh crore of revenues, accounting for 99.80 per cent of the revenues generated by its subsidiaries between FY21 and FY25.
Rajesh Exports stated that the consolidated revenue as stated by the company was correct. But the stock fell. 

With the fresh fall, the scrip is down 58 per cent from its 52-week high of Rs 239 hit on December 22, 2025, and 50 per cent over the past one year.

Rajesh Exports insisted that the core observation in the recent SEBI order with regard to the mis-reporting of the revenues emerged primarily due to confusion because SEBI has considered the Ebitda of Valcambi instead of revenue.

"There is no reason for any listed entity to inflate revenue and maintain the earnings, this will only reduce the margins of the company, which would be adverse to the company," Rajesh Exports said.

The company added insisted that SEBI has not made adverse observation with regard to its earnings and that it has only observed suspicion with regard to revenues which is primarily because of confusion with regard to the revenues of Valcambi.

SEBI had on June 3 issued an interim order against Rajesh Exports and its promoter and executive chairman  Rajesh Mehta relating to prima facie violations under SEBI Act and PFUTP Regulations.

The violations relate to inducement to investors to deal in scrip of Rajesh Exports by presenting false financials through inflated consolidated revenues, fictitious standalone transactions, incorrect consolidation. "There are also prima facie violations relating to misutilization of funds through personal accounts. There are also allegations of non-cooperation with investigation and forensic auditor," SEBI said earlier. It passed directions restricting Mehta to deal in scrip of Rajesh Exports. Besides, it asked Rajesh Exports to cooperate with investigation and forensic auditor and provide all the information sought for.