Rajesh Exports Denies Claims of Inflated Sales
Rajesh Exports (NSE:RAJESHEXPO, BOM:531500) on Thursday denied claims it overstated its revenue after India's securities regulator alleged the gold retailer inflated its sales figures.The firm misrepresented about 15.2 trillion rupees in revenue, representing nearly all of its sales from subsidiaries over the five fiscal years through March 2025, the Securities and Exchange Board of India said in its order on Wednesday.Rajesh Exports denied the allegation, noting that revenues declared by the company were correct and that it did not overstate its revenue."There seems to be some type of communication gap and confusion between SEBI and the company," Rajesh Exports said in its statement.The firm said it was in the process of submitting authenticated documents to dispel the allegations.Rajesh Exports' shares closed 5% lower on Thursday.
