Shares of Rajesh Exports plunged another 5% to hit the lower circuit for a second straight session on Friday after market regulator Sebi issued an interim order against the precious metals exporter and its promoter over alleged large-scale financial irregularities. The company, however, denied the allegations and maintained that it had committed no wrongdoing.
Shares of the company dropped 5% to hit the lower circuit at Rs 98.73 apiece on NSE today. The stock has now fallen around 10% in just two sessions after SEBI in its interim order claimed that its investigation and forensic review had uncovered prima facie evidence suggesting that about 97-99% of the company's revenue may have been inflated, describing the findings as "egregious and unheard of."
