Rajesh Exports falls 5%, hits lower circuit for 2nd day after ED action

Rajesh Exports share price today: Shares of gold refining and jewellery manufacturing company Rajesh Exports fell 5 per cent on Thursday to hit the lower circuit limit at ₹97.02 on the National Stock Exchange (NSE) for the second consecutive session.

Fresh selling pressure emerged in Rajesh Exports after the Enforcement Directorate’s (ED) latest action against the company. On Tuesday, the ED conducted searches at multiple premises linked to the Bengaluru-based company and persons linked to it for suspected contravention of the Foreign Exchange Management Act (FEMA).

ED’s action came against the company in the backdrop of Sebi’s allegation of a massive financial fraud. Sebi had alleged that the company had a suspected consolidated revenue inflation of up to ₹15.15 lakh crore for the 2020-21 to 2024-25 fiscal years.

Meanwhile, BSE has sought clarification from the company in connection with ED searches in Bengaluru after the Sebi order flags alleged financial misstatements. The company has not yet responded.