Rajesh Exports shares hit lower circuit for 3rd consecutive day
What's the story
Rajesh Exports' stock has hit its lower circuit limit for the third straight trading session. The company's share price fell by 5% to ₹94.5 today, after SEBI accused it of routing funds through personal accounts and promoter-linked entities without proper disclosures. Company founder Rajesh Mehta has hit back at SEBI's interim order, denying the regulator's allegations that revenues were inflated by ₹15.15 lakh crore from FY21 to FY25.
Dispute details
SEBI misinterpreted EBITDA as revenue: Mehta
"We had given them 300-400 GB documents, running into lakhs (of pages). I think they have not been able to find the correct documents. The whole confusion has happened there," Mehta said. "They have taken the EBITDA and termed it as revenue. EBITDA means gross profit. They have taken the gross profit and termed it as revenue. Looking at the number (₹15.15 lakh crore), they (SEBI) have made a huge mistake," he added.