India's largest gold jewellery exporter under regulatory scanner after SEBI flagged fictitious trades, opaque netting, and missing supporting documents that auditors PV Ramana Reddy & Co and BSD & Co failed to challenge. Wider probe ordered into FY21-FY24 books.

Moneycontrol · Results · 6/4/2026, 10:48:50 PM

India's largest jewellery exporter likely stripped of ACC battery PLI beneficiary status (5 GWh) as MCA launches probe following SEBI interim order citing 97-99% revenue overstatement. Promoter Rajesh Mehta barred from securities dealings.

ET Small Business · 6/4/2026, 7:55:47 PM

Jeweller blames Valcambi reporting confusion after SEBI's interim order alleging FY21-FY25 misstatements, suspicious Rs 11,400 crore Affluence broker trades, and MD Mehta's personal derivative dealings. Stock fell 5% as 97-99% of consolidated revenue ties to overseas subsidiaries.

Indian Express · Business · 6/4/2026, 4:23:07 PM

SEBI's interim order accuses gold-jewellery exporter Rajesh Exports of inflating revenues by Rs 15.15 lakh crore over FY21-25 and bars promoter Mehta from securities dealings pending forensic audit. Mutual funds held just 0.5% since March 2016, but LIC's stake rose from 1.99% to 11.22%, with FPIs at 14.2%.

Indian Express · Business · 6/4/2026, 4:04:35 PM

Chairman Rajesh Mehta pushed back on SEBI charges that the jeweller misrepresented ₹15.15 lakh crore ($158.17 bn) in revenue through undisclosed overseas subsidiaries, primarily Swiss refiner Valcambi. Mehta says regulator overlooked consolidated filings; 97-99% of revenue flows from overseas units that refined 3,000 tons of gold over FY21-25.

The Hindu BusinessLine · 6/4/2026, 11:25:10 AM

Bengaluru-based gold retailer-refiner Rajesh Exports — a 2022 awardee under the Rs 18,100 cr PLI battery scheme for 50 GWh capacity — has been barred from securities markets alongside its promoter-CEO. SEBI alleges revenue misrepresentation of Rs 15.15 lakh cr; shares hit the 5% lower circuit at Rs 103.92.

Business Today · Latest · 6/4/2026, 10:58:25 AM

Interim order alleges jewellery maker inflated revenues via overseas subsidiaries including Valcambi SA, and diverted Rs 338.90 crore for personal derivatives trades through Affluence Shares and Stocks. Stock has collapsed 44.63% with shares at Rs 104.65.

Business Today · Latest · 6/4/2026, 10:37:51 AM

Interim order against promoter Rajesh Mehta cites 97-99% of FY21-FY25 revenues routed through overseas subsidiary Valcambi, with ₹11,487 cr in disputed sales and ₹7.4 cr in personal transfers. Forensic audit ordered; stock hit 5% lower circuit at ₹103.92, down 80% over three years. LIC holds 10.8%.

Outlook Business · 6/4/2026, 8:55:01 AM

A 109-page SEBI interim order accuses Rajesh Mehta of misrepresenting Rs 15.15 lakh crore in revenue across FY21-FY25 — 99.8% of consolidated topline — and diverting funds. REL shares fell 5% and LIC, holding 10.80%, slid 1%. The Bengaluru-based gold major had acquired Swiss refiner Valcambi for $400M in 2015.

ET Small Business · 6/4/2026, 8:40:27 AM

Gold jewellery maker disputes SEBI's interim order, with Chairman Rajesh Mehta attributing the dispute to a 'communication gap' with the regulator. Company says revenues are correctly declared and is submitting supporting documents for review.

NDTV Profit · 6/4/2026, 8:39:22 AM

Rajesh Exports Chairman Rajesh Mehta has publicly contested SEBI's interim order alleging Rs 15.15 lakh crore revenue misrepresentation across FY21-FY25 through overseas subsidiaries and fund diversion. The regulator flagged Rs 12,726 crore shareholder wealth erosion. A detailed rebuttal is promised, with LIC and Canara Bank exposures in focus.

NDTV Profit · 6/4/2026, 7:05:51 AM