SEBI bars Rajesh Exports, promoter over Rs 15.15 lakh crore revenue misrepresentation; stock down 45% in 6 months
Markets regulator SEBI has barred jewellery major Rajesh Exports and promoter Rajesh Mehta from securities markets, alleging misrepresentation of Rs 15.15 lakh crore revenue routed via Swiss subsidiary Valcambi SA and diversion of Rs 338.90 crore. Shares fell 5% to Rs 104.65, extending a six-month slide that has erased Rs 12,725 crore in market cap.
SEBI barred jewellery maker Rajesh Exports and promoter Rajesh Mehta from securities markets, alleging misrepresentation of Rs 15.15 lakh crore revenue via Valcambi SA and diversion of Rs 338.90 crore. Stock fell 5%, down 45% in six months.