Rajesh Exports has settled its ₹510 crore dues to Canara Bank following a Debt Recovery Tribunal order. This payment occurs as the jewelry exporter faces intense regulatory scrutiny, including a SEBI investigation into alleged massive revenue misrepresentation and an Enforcement Directorate probe into opaque transactions. The stock has seen a sharp decline as investors navigate these governance concerns.
Rajesh Exports Ltd. has successfully cleared its outstanding dues of approximately ₹510 crore to Canara Bank. The payment follows a mandatory directive from the Debt Recovery Tribunal, effectively closing a long-standing legal battle between the lender and the jewelry exporter. While the settlement resolves this specific credit issue, the company continues to navigate a complex environment marked by significant regulatory and governance challenges.
The current situation remains difficult for the company. In June 2026, the Securities and Exchange Board of India (SEBI) released an interim order containing serious allegations regarding the company’s financial disclosures. The regulator claimed that Rajesh Exports potentially misrepresented its consolidated revenue by nearly ₹15.15 lakh crore between the 2021 and 2025 financial years. These allegations have raised questions among investors and analysts regarding the integrity of the firm’s reported balance sheet.
Simultaneously, the Enforcement Directorate (ED) has been investigating the firm regarding opaque transactions totaling roughly ₹3,000 crore. These probes are examining matters such as missing documentation for overseas trade and potential violations of foreign exchange norms. The involvement of the company's subsidiary, Valcambi SA, has also been a focal point of these investigations, as authorities examine whether funds were diverted or improperly reported.
The stock market has reflected the severity of these developments. The company’s share price has faced heavy downward pressure, currently trading at approximately ₹76 per share. This is a sharp fall from its 52-week high of around ₹238, highlighting a substantial loss in shareholder value as the market reacts to the combination of regulatory actions and potential financial misreporting.
For investors and observers, the future of the company largely depends on how it addresses these mounting legal and regulatory hurdles. The most important updates to follow include the final findings of the SEBI and Enforcement Directorate investigations, any further clarifications from the company management regarding its financial practices, and the long-term impact of these probes on the company’s ability to conduct normal business operations.