Does Sachin Tendulkar own this smallcap stock that’s soared 13,000% in a year? Company clarifies

Rumours of Sachin Tendulkar owning a certain smallcap stock have sent it soaring 13,000% in a year, so much so that the company has had to issue a clarification.

Former India cricketer Sachin Tendulkar. (AFP)

There’s circulation of misinformation that the legendary cricketer Sachin Tendulkar has invested in RRP Semiconductors Ltd., and “we feel because of the same there’s unprecedented price movement of the shares of the company—from ₹10 to ₹9,000—within past 10 months”, according to an exchange filing on Tuesday. “Tendulkar has never subscribed to any shares of the company. He is not a shareholder of the company.”

Tendulkar is not directly or indirectly connected with the board members, is not a part of the board, nor is he acting in any advisory role, RRP went on to say. He isn’t even the brand ambassador of the company.

Separately, RRP Semiconductors also clarified that it has not received 100 acres of land from the Maharashtra government for a plant of any sort.

“The financials of the company could not support the rise in share price from ₹10/- to ₹9,000/-, which the company has disseminated to the stock exchanges.”

On Tuesday, RRP Semiconductors shares rose 2% to ₹8,584.75 apiece on the BSE even as the benchmark Sensex ended the day 0.36% lower at 82,029.98 points. It’s worth mentioning here that the scrip’s page on the BSE website comes with a note, that its price-to-earnings multiple is greater than 50 for the previous four trailing quarters.