Rajesh Exports Share Price Today: Gold Refiner Crashes As SEBI's Rs 15 Lakh Cr Fraud Jolts LIC, Retail Hard

Once a darling of Dalal Street, Rajesh Exports saw its share price hit the lower circuit on Thursday after the Securities and Exchange Board of India (SEBI) barred its promoter, Rajesh Mehta, from dealing in securities. At the heart of the regulatory action are allegations of Rs 15 lakh crore in revenue misrepresentation across five financial years, FY21 to FY25. With Life Insurance Corporation of India (LIC), Bridge India Fund, and thousands of retail investors holding significant stakes in the company, the fallout extends well beyond the promoter.

Rajesh Exports share price today was trading 4.99% lower at Rs 104.65 per share at 11 am on Thursday. The stock value has declined nearly 90% from its all-time high mark of Rs 1029.7 per share hit in 2023.

Rajesh Exports SEBI Allegations Explained

Investigations of Rajesh Exports accounts found prima facie that promoter and Executive Chairman Rajesh Mehta, who also sat on the Audit Committee, exercised considerable operational and financial control over Rajesh Exports and its subsidiaries, reported CNBC TV 18 citing a SEBI order.

Meanwhile, SEBI's recent order records that Rajesh Exports allegedly denied full access to several systems and books of account. The company reportedly did not share complete journal dumps or subsidiary‑level records and only partly cooperated with the appointed forensic auditors.

According to the market watchdog, nearly 97-99% of Rajesh Exports' reported revenue didn't come from the Indian listed company but from overseas subsidiaries. SEBI's preliminary estimates suggest that as much as 15.15 lakh crore of revenue which was reflected to have come from a subsidiary, may not have been adequately supported by underlying records, reported Moneycontrol.

Rajesh Exports Share Price Falls 90% From All-Time High! LIC, Retail Investors Key Stakeholders

As of the March quarter, promoters held 54% of Rajesh Exports shares, while 46% belonged to public shareholders. Among institutional investors, Life Insurance Corporation of India owned 10.8%, Bridge India Fund held 8.46%, and Schwab Fundamental Emerging Markets Equity ETF had 2.7%.

Retail participation in Rajesh Exports shares is also significant. Around 1.94 lakh small shareholders, each with authorised share capital up to Rs 2 lakh, collectively owned 14.13% at the end of the March quarter.

LIC Share Price Today In Red

LIC share price today was trading 0.67% lower at Rs 399.7 per share on BSE with a market capitalisation of Rs 5,05,620.32 crore at 11:33 am on Thursday. The stock had touched an intraday high of Rs 402.15 per share and an intraday low of Rs 397.65 per share during Thursday's trading session.

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