Rajesh Exports chief disowns LIC link as SEBI heat sinks stock 14%
Chairman Rajesh Mehta says promoters have no ties to LIC, which holds a 10.8% stake built via open-market buys over 20 years. Stock has fallen 14% since June 3, hitting a Rs 94.50 lower circuit, as SEBI scrutiny intensifies around a Rs 15.15 lakh crore allegation.
Rajesh Exports chairman Rajesh Mehta distances promoters from LIC's 10.8% stake amid SEBI regulatory heat and a 14% stock slide, insisting LIC bought shares from the open market over 20 years with no promoter involvement.