Rajesh Exports hits new low

Rajesh Exports is currently the top loser on the BSE; from its close of its Es.337.15, the stock opened 11% lower at Rs.301 and further slumped to Rs.298.95, a new 52-week low.

The stock hit a new low as the company’s earnings for QFY24 disappointed the markets.

Its consolidated revenue was down 31% (YOY) AT RS.65,477 crore. EBITDA was down 97% at Rs.12 crore and margins fell to a paltry 0.901%.

The company’s net profit was down 97% at Rs.12 crore.

Rajesh Exports is a Bangalore based company engaged in refining, designing and selling gold and gold jewellery. It is the largest exporter of gold in India.