On October 31, the stock touched a fresh lifetime high of Rs 10,887 on the NSE, rising another 2% intraday and taking the company’s market capitalisation past Rs 14,000 crore. Chodankar holds 74.5% of RRP’s equity — around 1.01 crore shares — giving him an estimated net worth of over Rs 11,000 crore based on Friday’s intraday high. Yet, curiously, despite holding such a commanding stake, Chodankar isn’t listed as a promoter. His name appears under the retail shareholder category, a puzzling detail for investors.
Little is known about Chodankar himself. His LinkedIn profile indicates he is a postgraduate from Mumbai University and previously served as chairman of a company called Mechvac Fabricators. Beyond that, there’s barely any digital footprint of him.
What’s even more intriguing is that the staggering rally in RRP Semiconductor’s shares has very little to do with business performance or any technological breakthrough. Instead, the stock’s rise appears to have been fuelled by a frenzy of social media rumours. Among the many unverified claims were that cricket legend Sachin Tendulkar had invested in the company, and that the Maharashtra government had allotted it 100 acres of land. The company has categorically denied both, clarifying that Tendulkar has no connection with RRP and no land has been allocated.
Other narratives suggested that RRP Semiconductor had received large chip orders under India’s semiconductor mission or had exports worth Rs 6.15 crore — claims the company also refuted. In fact, in a statement to the BSE on October 14, the company admitted that its financial performance did not justify the kind of rally seen in its shares. “The company puts on record that only around 4,000 shares are in demat mode with public shareholders, and certain persons trading in the market in unethical ways have become detrimental to the reputation of the company,” it said.
Its annual report shows that Chodankar was appointed as a non-executive additional director, having earlier loaned Rs 8 crore to the company in FY25 at 8% interest. In May 2024, shareholders approved issuing over one crore shares to him at Rs 12 apiece, effectively handing him control of nearly three-fourths of the firm.Behind all the market euphoria, RRP’s financials remain modest. Revenue jumped to Rs 31.6 crore in FY25 from just Rs 38 lakh a year earlier, while net profit improved to Rs 8.47 crore from a Rs 1.7 lakh loss. But the momentum seems to have faded — in the June 2025 quarter, the company reported zero revenue, compared with Rs 6 crore in the March quarter, though losses narrowed to Rs 29 lakh from Rs 1.6 crore.The stock remains tightly held. Nearly 99% of equity is locked until March 2026, leaving around 4,000 shares available for trading.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
-1024x683.jpg "Florida Roads Become a Battleground for Illegal Immigration")
