Up 65,000% in Just Two Years, This Stock Investor Receives Warning
Jakarta - An Indian semiconductor issuer, RRP Semiconductor, has recently gone viral due to its fantastically steep price increase, where in less than three years, the rise has reached 65,000%.
According to India Today, at the start of 2024, RPP Semiconductor shares were traded around Rs 15 or approximately Rp2,800 (Rp187/Indian Rupee-Rs), and were ignored by investors. However, as of Monday (23/3/2026), its value has surged to Rs 9,834.7 or equivalent to Rp1.8 million, recording a fantastic increase of more than 65,000%, precisely reaching 65,465%.
What initially seemed like a windfall for investors has now turned into the most talked-about cautionary tale on Dalal Street. In just 18 months, RRP’s market capitalisation has jumped from nearly zero to more than Rs 12,750 crore or around Rp23.8 trillion on the Bombay Stock Exchange (BSE).
A combination of online hype, a very small number of shares in circulation, and a growing base of Indian retail investors has driven 149 consecutive sessions with share price increases hitting the upper limit, despite warnings from exchange officials and the company itself.
This surge has captured the attention of the Indian investor community, with social media and online forums discussing it non-stop. Retail investors have even dubbed it the “NVIDIA of India”, viewing RRP as the new star in the semiconductor industry.
However, not everyone is convinced by the euphoria. The BSE assesses that the RRP share price increase “does not align with the company’s financial performance.”
According to the exchange, such a high rise cannot be justified by the company’s profits or business performance. To curb speculation and extreme volatility, the BSE has placed RRP shares under strict Enhanced Surveillance Measures (ESM).
This measure includes a ban on intraday trading, a 100% margin requirement, and a daily price movement limit of 2%. In other words, RRP shares are practically “locked” from wild market movements.
Tradejini COO, Trivesh D, explained that the policy aims to suppress volatility and ensure price transparency.
“This step helps in fair price discovery and prevents excessive speculation,” said Trivesh, quoted from India Today, Tuesday (24/3/2026).
“The share price increase is more driven by limited liquidity and high investor concentration, not due to changes in the company’s fundamentals,” he added.
Analysts have also found several irregularities. The major shareholder ownership is only 1.27%, the price-to-book ratio reaches 700 times, and the company’s governance structure is deemed weak.
Frequent management changes, low audit transparency, and discrepancies between profits and tax payments are red flags. Some independent investigators have also found many of the company’s receivables unpaid for months, a pattern often seen in pump-and-dump schemes.
RRP Semiconductor itself is based in Maharashtra and claims to be a pioneer in India’s semiconductor industry. The company focuses on Outsourced Semiconductor Assembly and Test (OSAT) services, particularly in high-precision chip packaging technology such as Quad Flat No-Lead (QFN).
RRP’s products are used in various sectors such as IoT devices, automotive, medical, and industrial electronics. The company is also the first to export packaged semiconductors from India under the India Semiconductor Mission programme, with export value reaching Rs 6.51 crore or around Rp12.2 billion to Europe.