Our Bureau
Mumbai
Shares of Parle Industries Ltd hit the upper circuit on Wednesday after investors rushed to buy the stock following a viral moment involving Prime Minister Narendra Modi and Italian Prime Minister Giorgia Meloni. The rise came even though the company has no link with Melody toffees or Parle Products, according to the reports.
The stock jumped 5 per cent on the BSE and was locked at Rs 5.25, up Rs 0.25. The buying wave started after Meloni posted a video showing Modi gifting her a packet of Melody toffees during his visit to Rome. The light-hearted clip quickly spread across social media and triggered a sharp reaction in the market.
Traders appear to have mistaken Parle Industries for the better-known Parle brand name, which helped push demand for the stock. The company’s market value is small, and the sudden interest led to frenzied buying during the session. The move showed how fast social media buzz can affect stock markets, even when the link is only in the name.
The moment also underlined the power of online memes and viral posts in shaping investor behaviour. In this case, the “Melody” frenzy created a strong but mistaken link in the minds of some market participants. Parle Industries benefited from that confusion, at least for the trading day, as its shares touched the highest permissible limit.
Market watchers said the episode was another reminder that stock prices can move sharply on sentiment, not just on business fundamentals. For Parle Industries, the rally was driven by a naming mix-up rather than any change in company performance or business news.
