Modi-Meloni ‘Melodi’ video triggers 5% jump in unrelated Parle stocks

The shares of Parle Industries rose sharply Wednesday soon after Italian Prime Minister Giorgia Meloni shared a video clip showing her Indian counterpart Narendra Modi gifting her a packet of “Melody” toffees, during his visit to the nation.

Parle Industries shares climbed 5 per cent intraday to Rs 5.25.

However, the company has no connections to the actual maker of Melody toffees, Parle Products.

Investors rushed to buy shares of the BSE-listed Parle Industries, mistaking it for Parle Products, which is the FMCG behind brands such as Parle-G, Monaco, KrackJack and Hide & Seek biscuits, as well as Melody toffees.

Meanwhile, Parle Industries is a company engaged in real estate development.