Rajesh Exports shares hit 4th lower circuit in 2026

Stock locked at 5% lower circuit again

Shares of Rajesh Exports stayed under pressure on Tuesday, with the stock hitting the 5 percent lower circuit for the fourth straight trading session. The selling follows an interim order by the Securities and Exchange Board of India (SEBI), which has raised investor concerns around the company’s financial statements. On the BSE, the shares were reported locked at the lower circuit limit of Rs 89.80, down 4.97 percent. The move extended a sharp sell-off that began after the regulator’s findings were made public.

What happened on June 9 and the recent sessions

The June 9 decline marked the latest session in a streak where the counter repeatedly hit the day’s maximum permitted fall. Separate updates around the same period also described the stock being locked at a lower circuit level of Rs 93.80 on the BSE, showing that the circuit price has moved lower across sessions as the stock kept falling. Reports also said the stock’s weakness has persisted since last week, with the stock remaining in a lower circuit after the SEBI findings triggered heavy selling. The repeated circuit hits also meant limited price discovery, with sell orders dominating trading.

SEBI’s interim order: key allegations

The pressure stems from a 109-page ex parte interim order issued by SEBI on June 3, 2026. SEBI alleged that Rajesh Exports inflated revenues by Rs 15.15 lakh crore between FY21 and FY25. Normalised to a single base unit, this allegation translates to approximately ₹1,515,000 crore of revenue inflation over the five-year period. The interim order cited prima facie evidence and described the findings as severe.

The subsidiaries and the revenue-misstatement claim

According to the regulator, nearly 99.8 percent of revenues attributed to the company’s subsidiaries during the period were materially misrepresented. Another data point cited in market reports said a forensic review indicated about 97-99 percent of the company’s reported revenue may have been inflated. The allegations also included concerns around the authenticity of consolidated financial reporting and how certain transactions were presented. The developments have placed the company’s disclosures under intense scrutiny in the market.

Consolidated revenue figure cited by SEBI

SEBI’s interim order also referenced the scale of reported business during the period. As per the information cited, Rajesh Exports reported consolidated revenues of around Rs 15.18 lakh crore from FY21 to FY25. In normalised terms, that equals about ₹1,518,000 crore. SEBI’s concern, as cited in the reports, is that a large share of the subsidiary-linked revenue could not be reconciled with audited standalone financial statements of a key subsidiary mentioned in coverage.

Promoter restraint and other regulatory actions mentioned

Market reports also stated that SEBI’s interim order barred the promoter, and that the action involved allegations of possible revenue inflation and non-cooperation during an investigation. The order, as described, relates to inducement to investors to deal in the stock by presenting false financials through inflated consolidated revenues, along with concerns such as fictitious standalone transactions and incorrect consolidation. Separate reporting also mentioned prima facie violations relating to misutilisation of funds through personal accounts. The interim nature of the order is important, but it has nonetheless had an immediate impact on market sentiment.

Company response: denial of wrongdoing

Rajesh Exports has denied the allegations in the market reports cited. The company said it had committed no wrongdoing and maintained that its financial reporting had been accurate. It also stated that SEBI had not recorded any conclusive adverse findings and that no fine, penalty, or coercive action had been imposed, as per a company clarification referenced in reports. Despite the clarification, investors continued to sell, and the stock remained locked at lower circuits across sessions.

Price performance: week, month, and longer-term fall

The stock’s fall after the order compounded an already weak trend. Reports cited the stock being down around 42 percent in 2026 so far, while another update described a decline of roughly 45-50 percent year-to-date. Coverage also said the stock had fallen more than 12 percent in one week and 13 percent in one month, while another data point cited losses of 16 percent in one week and 17 percent in one month. Separately, it was reported to be down 58 percent from its 52-week high of Rs 239 hit on December 22, 2025, and down 50 percent over the past year.

Another overhang: PLI beneficiary list report

Adding to the pressure, a PTI report cited in market coverage suggested the Ministry of Heavy Industries (MHI) may soon decide on removing Rajesh Exports from the list of beneficiaries under the production-linked incentive (PLI) scheme for advanced chemistry cell (ACC) battery storage. That report came after SEBI’s interim order, and it contributed to continued weakness in the stock on certain sessions. While the PLI-related development was framed as a report and not a final decision, it added another uncertainty point during a period of already heightened investor anxiety.

Key facts snapshot

Market impact: why the event matters

The episode shows how quickly regulatory action can affect liquidity and price discovery, especially when a stock repeatedly hits circuit limits. The allegations relate to revenue recognition and consolidated reporting, which are central to how investors assess a company’s scale, margins, and cash flows. The repeated lower circuits indicate sustained selling pressure and limited willingness from buyers to step in at prevailing limits. For investors, the immediate focus has been on the details of the interim order, the company’s response, and any next procedural steps in the regulatory process.

Analysis: what investors are watching next

Two tracks are likely to remain in focus based on the information available in reports. First is the regulatory process after the interim order, including any submissions or clarifications and any further directions. Second is whether any policy decision emerges on the PLI beneficiary list for ACC battery storage, as referenced by PTI. Until there is more clarity on these issues, the market’s attention is likely to stay on disclosures, filings, and any official updates from regulators and the company.

Conclusion

Rajesh Exports’ stock continued to slide, extending a multi-session lower-circuit streak after SEBI’s June 3 interim order alleged large-scale revenue inflation over FY21-FY25. The company has denied wrongdoing and said no penalty has been imposed, but investor concerns have persisted. The next cues, based on the developments cited, will come from any further SEBI communication and any formal update on the reported PLI beneficiary review.