We use the renormalization group method to study model E of critical dynamics in the presence of velocity fluctuations arising in accordance with the stochastic Navier-Stokes equation. Using Martin-Siggia-Rose theorem, we obtain a fieldtheoretical model that allows a perturbative renormalization group analysis. By direct power counting and an analysis of ultraviolet divergences, we show that the model is multiplicatively renormalizable, and we use a two-parameter expansion in and δ to calculate renormalization constants. Here, ε is a deviation from the critical dimension four, and δ is a deviation from the Kolmogorov regime. We present the results of the one-loop approximation and part of the fixed-point structure. We briefly discuss the possible effect of velocity fluctuations on the large-scale behavior of the model.