Modi gifts Parle's Melody to Meloni — but retail traders rally the wrong Parle
PM Modi's diplomatic gift of Melody toffee to Italian PM Meloni sparked a 5% upper circuit in Parle Industries, a real estate firm. The actual Melody owner — Parle Products — is unlisted. Mistaken-identity buying drove 8 lakh shares and a ₹5.25/share gain, exposing retail confusion around brand-stock linkage.
PM Modi gifting Parle's Melody toffee to Italian PM Meloni triggered a mistaken-identity rally — retail investors bought unrelated Parle Industries (real estate), hitting 5% upper circuit. Parle Products, the FMCG owner of Melody, is unlisted.