Rajesh Exports Snaps Seven Day Losing Streak Hitting Upper Circuit

Mumbai:  Shares of Bengaluru-based gold jewelry manufacturer Rajesh Exports Limited snapped a grueling seven-day consecutive losing streak on Monday, jumping five percent to hit the upper circuit limit of ₹80.90 on the Bombay Stock Exchange (BSE).

The sharp reversal offered temporary relief to investors after a devastating thirty percent price crash that shaved off massive market value earlier this month.  The company's stock had been locked in daily five percent lower circuits since June 4, immediately following a comprehensive 109-page interim order issued by the Securities and Exchange Board of India (SEBI) on June 3.

The markets regulator leveled serious allegations against the jewelry exporter, stating that the firm prima facie misrepresented and inflated its consolidated revenues by over ₹15.15 lakh crore across a five-year window spanning financial years 2021 to 2025. According to SEBI, 99.8 percent of the revenues attributed to overseas units, particularly Switzerland-based subsidiary Valcambi SA, failed to reconcile with standalone audited financial statements.

Consequently, the regulator barred Promoter and Managing Director Rajesh Mehta from dealing in the company's securities.  Responding to the regulatory crackdown, Rajesh Exports issued a clarification to the bourses denying any financial irregularities or diversion of funds. The management maintained that its reported revenue disclosures are fully accurate and attributed the discrepancy to an accounting presentation misunderstanding regarding gross transaction values versus processing fees.

The firm additionally confirmed it will cooperate fully with a forensic audit rather than challenging the interim mandate.  Market analysts characterized Monday's morning reversal as a technical bounce, heavily aided by a broad-based rally across benchmark indices. Despite locking at the upper circuit during morning trade, market experts remain highly cautious, warning that sustained recovery remains entirely contingent upon absolute regulatory clarity and further forensic outcomes.