Shares of Bengaluru-based gold jewellery firm Rajesh Exports Ltd snapped a seven-day losing streak on Monday, June 15, amid a surge in benchmark indices, a rally in global equities, and a sharp decline in crude oil prices, following the US and Iran's finalisation of a deal to end their 107-day war. The stock opened with a gap down with a loss of 5 per cent today at Rs 73.20 against the previous close of Rs 77.05. Amid a spurt in trading volume by more than 22.65, the scrip witnessed firm buying at lower levels and gained to hit the 5 per cent upper circuit at Rs 80.90. The market cap of the company stood at Rs 2,388.65 crore.
Rajesh Exports share price history
The stock has been falling for seven consecutive sessions and touched a 52-week low of Rs 77.05 in the last trading session. The stock has corrected 14.39 per cent in one week, as against the gain of 3.97 per cent in the benchmark index. In two weeks, the scrip has dipped 27.12 per cent.
Technically, the stock is trading lower than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages. Based on 2 per cent of the five-day average traded value, the stock is liquid enough for a trade size of Rs 0.06 crore.
Sebi's order
Sebi, in an interim order, has held that gold refiner and jewellery manufacturer REL allegedly inflated its consolidated revenues by Rs 15.15 lakh crore over five years by attributing massive revenues to overseas subsidiaries, particularly Switzerland-based Valcambi SA, despite the subsidiary's audited standalone financial statements showing only a fraction of those amounts.
The regulator has raised serious concerns over what it described as a prima facie misrepresentation of the company's financial position, noting that almost the entire of REL's reported revenues were attributed to overseas subsidiaries whose financial statements were not made publicly available.
In its interim order dated June 3, Sebi directed REL to cooperate with the investigating authority, submit requisite documents and explanations within 30 days, and make true and fair disclosures in its financial statements, related-party transactions, and other filings.
The company said it will fully cooperate with the fresh forensic audit ordered by the market watchdog and not challenge the interim order.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
