India's Rajesh Exports hits lower circuit after markets regulator alleges inflated revenue
04/06/2026 05:31
BUZZ-India's Rajesh Exports hits lower circuit after markets regulator alleges inflated revenue ** Shares of India's Rajesh Exports REXP.NS hit 5% lower circuit to 103.92 rupees
** Markets regulator in an order alleged on Wednesday that the jewellery maker inflated its revenue scale over years, largely via unverified overseas entities, to the tune of 15.15 trillion rupees ($158.3 billion)
** Bars company and its owners from securities markets until it completes investigation
** The regulator said 97%–99% of Rajesh Exports' consolidated revenue came from overseas subsidiaries, particularly Switzerland-based Valcambi SA
** Adds that the company systematically did not disclose its subsidiaries' financials in the public domain
** YTD, REXP stock down 43.3%
(Reporting by Vivek Kumar M)
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