Mumbai/IBNS, June 4 -- Shares of Rajesh Exports Ltd. plunged on Thursday after market regulator SEBI initiated action against the company and its promoter-chairman Rajesh Mehta over alleged financial irregularities, media reports said.

The stock fell 5 percent to hit the lower circuit at Rs. 104.65 on the BSE.

SEBI Bars Promoter from Trading

In its interim order, the regulator also directed the company to extend full cooperation to investigating officers and forensic auditors examining its financial records.

Allegations Against the Company

Company Under Regulatory Lens

The regulator has ordered a detailed forensic examination of the company's books to ascertain the extent of the alleged discrepancies and determine whether investors ...