Rajesh Exports’ shares extended their sharp rebound on Friday, hitting the 5 per cent upper circuit at Rs 97.51 and taking their gains to nearly 28 per cent over the past five trading sessions. The recovery follows a steep sell-off earlier this month, with the stock witnessing renewed buying interest in recent sessions. Social media chatter also picked up alongside the rally, with “WeSupportRajeshExports” trending on X (formerly Twitter).
The recent surge comes after the stock had tumbled to a 52-week low of Rs 77.05 last week, capping a seven-session losing streak. The decline was triggered by an interim order issued by the Securities and Exchange Board of India (SEBI) on June 3, which barred the company and its founder-chairman Rajesh Mehta from accessing the securities market pending further investigation. The regulator also alleged that the company had overstated revenue by approximately Rs 15.15 lakh crore between FY21 and FY25, leading to sharp investor reaction and heavy selling pressure.
Rajesh Exports has seen a sharp short-term recovery, delivering a 27.61 per cent return over the past one week, outperforming the Nifty 50, which rose 1.45 per cent during the same period. However, the momentum fades when viewed over a slightly longer horizon, with the stock down 10.05 per cent over one month, even as the benchmark index gained 1.47 per cent.
On a year-to-date basis, Rajesh Exports has declined 45.43 per centso far this year, compared to an 8.34 per cent fall in the Nifty 50. The underperformance extends to the one-year period as well, where the stock has dropped 47.93 per cent, while the broader market index has slipped a comparatively modest 3.34 per cent.
The longer-term picture highlights sustained weakness in the stock. Over three years, Rajesh Exports has fallen 82.78 per cent, and over five years, it is down 83.88 per cent. In contrast, the Nifty 50 has delivered gains of 27.78 per cent over three years and 52.81 per cent over five years.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
