NFRA probes Rajesh Exports over alleged Rs 15.15 lakh crore revenue misreporting; stock down 47% YTD
Jewellery exporter Rajesh Exports slid intraday as NFRA opened an audit probe following Sebi's interim order alleging revenue misrepresentation and fund diversion across a 5-year period. The promoter has been barred from the securities market, with 97-99% of revenue tied to overseas subsidiaries.
Jewellery exporter Rajesh Exports' shares fell as NFRA launched an audit probe following Sebi's interim order alleging Rs 15.15 lakh crore revenue misrepresentation and fund diversion. Stock down 47% YTD; promoter barred from securities market.
Why this matters
The NFRA audit probe follows Sebi flagging a Rs 15.15 lakh crore revenue mismatch and earlier questions over the Swiss arm's accounts and auditor independence, deepening scrutiny of Rajesh Exports' financial reporting.
Retail-company signals are accelerating, up +648700% QoQ.