Rajesh Exports gains 5% to ₹80.23 after SEBI trading ban
After a weeklong slide, Rajesh Exports's stock bounced up 5% to ₹80.23 on Monday.
This comes right after SEBI, the market regulator, barred the company and its founder, Rajesh Mehta, from trading due to allegations of financial misreporting, a move that had sent the stock to a yearly low last Friday.
Rajesh Exports denies SEBI's ₹15.15L/cr allegation
SEBI claims Rajesh Exports inflated its revenues by a massive ₹15.15 lakh crore between FY21 and FY25, mostly through overseas subsidiaries like Switzerland's Valcambi SA.
The company says these are just preliminary findings and insists its numbers are legit, adding that it's sharing documents to clear things up.
Shares still far below pre-investigation ₹120
Even with today's recovery, shares are way below their pre-investigation price of around ₹120—leaving investors pretty uneasy about what comes next for the company.