RBZ Jewellers' Shares Drop Amid ₹2 Crore Employee Fraud Revelation

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RBZ Jewellers' Shares Drop Amid ₹2 Crore Employee Fraud Revelation

Team FS

05/Mar/2025

What's covered under the Article:

RBZ Jewellers reported a ₹2 crore fraud by cashier Om Kumar Manoj Kumar Shukla, leading to a significant share price drop.
The company filed a police complaint at Satellite Police Station in Ahmedabad on March 3, initiating an investigation.
RBZ Jewellers' stock has experienced volatility, recovering from a 52-week low to a high, but recently declining over 42% from its peak.

On March 5, 2025, RBZ Jewellers faced a significant setback as its shares plummeted over 6%, trading at ₹146 apiece by 11:30 AM. This decline followed the company's disclosure of a ₹2 crore fraud committed by one of its employees, Om Kumar Manoj Kumar Shukla, who served as a cashier at one of its branches. Shukla allegedly falsified company records over a period, leading to substantial financial discrepancies.

The company took immediate action by filing a police complaint against Shukla at the Satellite Police Station in Ahmedabad on March 3. RBZ Jewellers has committed to fully cooperating with the authorities during the investigation and has assured stakeholders that further material details will be promptly communicated.

This incident has notably impacted investor confidence. The company's shares had previously shown resilience, recovering from a 52-week low of ₹118 per share in June last year to reach a 52-week high of ₹252 per share in January 2025. However, the recent developments have led to a decline of over 42% from that peak. RBZ Jewellers was listed on the stock exchanges in December 2023 at ₹100 per share, and despite the recent downturn, the shares remain up by 46% from the listing price.

Established in 2008, RBZ Jewellers specializes in manufacturing gold and other jewelry for both pan-India retailers and regional players. The company operates across 19 states and 72 cities in India and also has a retail showroom under the brand name 'Harit Zaveri' in Ahmedabad.

This incident serves as a critical reminder of the importance of robust internal controls and vigilant oversight within organizations to prevent such fraudulent activities.

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RBZ Jewellers' Shares Drop Amid ₹2 Crore Employee Fraud Revelation

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