For example, the registered office of the main technology arm, Mass Spec Technology Pvt Ltd, is not a semiconductor laboratory, but “Style 4 Ever”, a small fashion boutique in Santacruz East that sells women’s dresses.
The pattern continues throughout the group. Projected as a manufacturing unit, Racho Precision Engineering was delisted by the Registrar of Companies in 2024 and is today occupied by unrelated tenants. Brahmastra Defense Techno Products, listed as a Thane-based entity, had no trace at its registered address.
Unusual retail
At the center of this network is Rajendra Kamalakant Chodankar – on paper a private investor, who nevertheless owns almost 73 percent of the public shares. Such concentrated ownership, market participants say, could enable circular trading or price dominance, especially in microcap counters with limited liquidity.
Chodankar’s rise coincides with the abrupt transformation of the group’s flagship company. RRP Defense Ltd was known as Euro Asia Exports Ltd until June 2025, a dormant textile company that dealt in fabrics. The company underwent a sudden name and business change and positioned itself as a defense technology player with high-end ambitions.
Between 2019 and 2022, Chodankar was a director at Paras Defense entities alongside former Bharat Electronics Ltd (BEL) CMD Sunil Kumar Sharma, who was earlier booked by the CBI in connection with alleged irregularities in the IAF’s Integrated Air Command and Control System (IACCS) project.
The share transfer documents further reveal that Chodankar has acquired his majority stake in the RRP shell company from Sharma’s legal heirs, raising concerns about past influence and the origins of the group’s ‘strategic’ positioning.
Valuation mismatch
The difference between the rising market price of the company and economic reality is large. Shares of RRP Semiconductor closed at ₹11,549.95 on Friday, with its market capitalization rising to around ₹15,735.70 crore. This marks an increase of over 10,700 percent from the 52-week low of around ₹106.93 in just a year.
“The chart shows a unidirectional movement with the stock always hitting the upper circuit. Sales were zero for seven years and then it came to life,” said a source aware of the matter. “There is pure manipulation and operator-driven behavior. Unsuspecting investors will be optimistic for the sake of optimism,” the source said.
Despite limited operational evidence, RRP Semiconductor has seen frenzied buying on the exchanges, driven by Chodankar’s purchases, and denied market rumors – including claims of a celebrity investment and alleged land allocation by the Maharashtra government. The BSE has since placed the stock under Enhanced Surveillance Measures (ESM), flagging concerns over price volatility and investor protection.
RRP Defense is also hitting the upper circuit every trading day, rising by over 4,700 percent from ₹20 to ₹964, following Rajendra K Chodankar’s entry into the entity in January 2025.
Although a building was found in Mahape, Thane – housing RRP Semiconductors, RRP S4E Innovations, Rrp Drones Innovations, Rrp Fusion Tech and RRP electronics – it did not appear to be fully functional. Furthermore, industry sources said they had not seen any RRP Drones Innovations products at industry events or exhibitions.
For the time being, Chodankar appears on paper as a multi-billionaire, leading a group whose registered offices range from vacant buildings to a fashion boutique. But because physical infrastructure may be lacking, entities may have been decommissioned or untraceable, and valuations may be disconnected from fundamentals, market participants believe the increasing risk to investors deserves more attention from regulators.
Email queries sent to SEBI and the RRP Group entities did not elicit any response.
Published on November 24, 2025
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