ED flags Rs 17,000 MD salary, 40% stock mismatch at Rajesh Exports; stock hits lower circuit
Enforcement Directorate's post-raid disclosures on India's largest gold exporter cite FEMA violations, Rs 3,000 crore opaque set-offs, Rs 600 crore alleged siphoning, Rs 1,035 crore African mines exposure, and missing foreign transaction records. Shares locked 5% lower at Rs 102.85 against reported Rs 7.7 lakh crore consolidated revenue.
ED disclosed findings from raids on Rajesh Exports, India's largest gold exporter and jewellery manufacturer, citing FEMA violations, missing foreign transaction records, 40% inventory mismatch, Rs 3,000 crore opaque set-offs, and a Rs 17,000 MD salary. Stock hit lower circuit.