Shares of gold refiner and jewellery exporter Rajesh Exports are under pressure and hit a lower circuit for the second consecutive day on Thursday, June 25, 2026, after the Enforcement Directorate conducted searches at multiple premises linked to the firm. The stock fell 4.96 per cent to hit the lower circuit limit of Rs 97.75 on the BSE. The market cap of the company dropped to Rs 2,886.17 crore. At the National Stock Exchange (NSE), the stock tumbled 4.99 per cent to Rs 97.02. The fall in share price began yesterday and comes after a strong gain in the past seven trading sessions, rallying over 40 per cent.
While the stock has underperformed the sector by 3.72 per cent, it is trading lower than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages.
BSE seeks clarification
Meanwhile, the BSE has sought clarification from Rajesh Exports Ltd over reports of searches conducted by the Enforcement Directorate (ED) at multiple locations linked to the Bengaluru-based company.
The query by the exchange came a day after the raid on nine premises linked to the company under the provisions of the Foreign Exchange Management Act (FEMA). The premises are located in Bengaluru and Mumbai.
The ED, according to officials, is probing possible contraventions of the foreign exchange law FEMA, including allegations of multiple transactions of Rajesh Exports Ltd (REL) shares by benamidars (a person or entity in whose name a benami asset is transferred).
ED has alleged that over USD 20 million was siphoned out of the country and that there was a 40 per cent “mismatch” in gold stock inventory of the company from what was declared in the account books.
However, Founder and Chairman of the company Rajesh Mehta has denied any fund diversion or wrongdoing.
Rajesh Exports share price
According to BSE Analytics, the stock has corrected by 77.13 per cent over 10 years and 82.76 per cent over 5 years. On a year-to-date (YTD) basis, it has dipped 45.45 per cent against the decline of 8.98 per cent in the same period.
The analytics show that it has gained 20.53 per cent in two years.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
