Rajesh Exports (RAJESHEX) Faces Investigation Over $81B Revenue Irregularities

AI Summary

Rajesh Exports (RAJESHEX), one of India's largest gold companies, reported consolidated revenue of over 7.7 trillion rupees ($81 billion) last year, but authorities found significant accounting irregularities. The investigation revealed discrepancies totaling 30 billion rupees and under-reporting of physical gold inventory by around 40%. Shares dropped approximately 5% following the news, hitting the lower trading limit. The Indian Securities and Exchange Board indicated that 97% to 99% of the company's reported revenues appeared inflated, raising concerns over market integrity.