+ 375.57
+ 121.15
-102.00
+ 214.00
+ 1,096.00
+ 375.57
+ 121.15
+ 121.15
-102.00
-102.00
+ 214.00
Updated - June 25, 2026 at 10:03 AM.
| Bengaluru
A day after conducting searches at the company’s premises across Bengaluru and Mumbai, the ED said Rajesh Exports failed to produce documentation related to imports, exports, overseas investments and foreign trade settlements, making it difficult to verify the legitimacy of the transactions. | Photo Credit: istock.com
Rajesh Exports shares fell a further 5 per cent to a fresh lower circuit of ₹97.02 on the NSE on Thursday, extending losses after the Enforcement Directorate (ED) accused the company of significant departures from normal commercial practices and alleged violations of provisions of the Foreign Exchange Management Act (FEMA).
The stock reaction follows the agency’s claims that the gold refiner and jewellery manufacturer failed to maintain critical transaction records and could not substantiate several overseas investments and trade settlements.
A day after conducting searches at the company’s premises across Bengaluru and Mumbai, the ED said Rajesh Exports failed to produce documentation related to imports, exports, overseas investments and foreign trade settlements, making it difficult to verify the legitimacy of the transactions.
The searches were carried out across nine locations following an accounting investigation by the SEBI, which allegedly found that the company inflated its consolidated revenue by ₹15.15 lakh crore between FY21 and FY25, primarily through its Swiss refining unit, Valcambi.
In addition, investigators reported a 40 per cent mismatch between the physical gold stock found at factory premises and the quantities recorded in the company’s registers.
The probe is also examining alleged capital markets fraud. Rajesh Exports has not yet responded to the ED’s allegations.
Published on June 25, 2026
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