RBZ Jewellers shares crash 6% after reporting a Rs 2 crore fraud by employee

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26 Aug, 2025 12:21

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The shares of RBZ Jewellers crashed over 6 percent on March 5, after the company informed about a fraud to the tune of Rs 2 crore committed by one of the employees.

The shares were trading at Rs 146 apiece, as seen as 11.30 am.

An exchange filing shared on March 4 said Om Kumar Manoj Kumar Shukla, one of the company's employees, falsified company's records over a period of time while working as a cashier at one of its branches. Shukla is alleged to have committed a fraud that has an estimated impact of Rs 1.98 crore.

RBZ Jewellers has filed a police complaint against the accused at the Satellite Police Station in Ahmedabad on March 3 after discovering irregularities. "The company would render necessary assistance to the police in the investigation of the matter and further material details will be intimated to the exchange promptly," the jeweller said in its statement.

Shares of the company had significantly recovered from its 52-week low of Rs 118 per share, seen in June last year to touch a fresh 52-week high of Rs 252 per share in January 2025. However, the stock has now declined over 42 percent from the high.

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The Ahmedabad-based jeweller listed on the stock exchanges in December 2023 at Rs 100 per share, and the shares are currently up 46 percent from the listing price.

RBZ Jewellers, which manufactures gold and other jewellery for pan-India retailers as well as regional players, was incorporated in 2008. Rajendrakumar Kantilal Zaveri, Kiranben Rajendrakumar Zaveri and Harit Rajendrakumar Zaveri are its founders, and the business is spread across 19 states and 72 cities in India. It also has its retail showroom under the brand name 'Harit Zaveri', in Ahmedabad.