Shares of Rajesh Exports hit a 5% lower circuit of Rs 104.65 on the BSE on Thursday after markets regulator Sebi issued an interim order against the company and its promoter Rajesh Mehta, alleging extensive financial irregularities, lack of cooperation during the investigation and possible overstatement of the company's revenues.
In its 109-page interim order dated June 3, Sebi said findings from its investigation and forensic examination revealed prima facie evidence that nearly 97-99% of the company's reported revenue may have been inflated. The regulator described the alleged discrepancies as "egregious and unheard of."
