Rajesh Exports shares hit 5% lower circuit after ED conducted searches in multiple locations

Rajesh Exports shares slipped 5% to hit a lower circuit of ₹102.12 apiece on Wednesday, June 24, a day after the Enforcement Directorate conducted searches at multiple locations of the company.

The gold refining and jewellery manufacturing firm came under enhanced scrutiny following SEBI's allegation of a massive financial fraud.

ED officials said nine premises linked to the Bengaluru-headquartered company were searched under the provisions of the Foreign Exchange Management Act (FEMA). The premises are located in Bengaluru and Mumbai, they said.

A response from the company on the ED action is awaited.

The ED, according to officials, is probing possible contraventions of the foreign exchange law FEMA, including allegations of multiple transactions of Rajesh Exports Ltd (REL) shares by benamidars (a person or entity in whose name a benami asset is transferred).

ED officials alleged that more than $20 million was syphoned out of the country and that there was a 40% “mismatch” in the gold stock inventory of the company from what was declared in the account books.

The agency said it was examining if about ₹3,000 crore of trade receivables were set off against “fictitious” gold imports, delivery of which was “suspicious”.

The ED is also probing if the company ostensibly invested more than ₹1,000 crore in African gold mines, as the said investment was "not reflected" in the books of accounts of any of its subsidiaries.

Another charge being investigated by the ED is that around ₹3,000 crore of trade receivables and payables have been set off against 4-5 foreign entities with "dubious" credentials.

Trouble began for Rajesh Exports after the SEBI recently 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.

Rajesh Exports share price

In a month, shares of the company have fallen 9%, while for six months’ time, they have tumbled 54%. On a year-on-year basis, Rajesh Exports shares have tanked 45%.

Shares of the company had touched their one-year high of ₹237.88 apiece on December 22, 2025, while their 52-week low of ₹72.63 was hit on June 15, 2026.

According to NSE data, Rajesh Exports has a total market capitalisation of ₹3,015.19 crore.