SEBI bars Rajesh Exports over ₹15.15 lakh crore revenue misrepresentation; LIC, retail investors exposed
Markets regulator SEBI has barred jewellery maker Rajesh Exports and its promoter from securities markets after finding ₹15.15 lakh crore in misrepresented revenues routed via overseas subsidiaries. Stock hit 5% lower circuit at ₹104.65, eroding ₹12,725 crore in wealth. LIC's 10.8% stake and 1.94 lakh retail investors holding 14.13% face ₹770 crore in combined exposure.
SEBI barred jewellery maker Rajesh Exports and its promoter from securities markets after finding ₹15.15 lakh crore in misrepresented revenues via overseas subsidiaries. Stock hit lower circuit; LIC and 1.94 lakh retail investors face ₹770 crore exposure.