After Prime Minister Narendra Modi gifted a packet of the iconic Melody candy to Italian Prime Minister Giorgia Meloni, the light-hearted diplomatic gesture created an unexpected buzz on the Dalal Street. The "chocolaty" moment triggered a rally in Parle Industries shares, which got locked in at the upper circuit within minutes of the social media post.
Modi-Meloni's 'Melody' Moment Sparks A Chocolaty Rally In Parle Shares
A viral “Melody” moment between PM Narendra Modi and Italian PM Giorgia Meloni gave battered Parle Industries shares a rare sweet boost, sending the stock to its 5 per cent upper circuit. Read on to know how a social media frenzy sparked a rally in a beaten-down stock
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The viral “Melodi” meme, a long-running internet reference to the camaraderie between PM Modi and PM Meloni, appeared to spill over into market sentiment as traders rushed to the beaten-down stock. Shares of Parle Industries, which had remained under pressure for months, got a sweet boost amid the social media frenzy after the much-talked-about gesture.
Parle Industries' shares jumped 5 per cent to Rs 5.25 per share from Rs 5 apiece on the BSE. The troubled FMCG company's shares are down over 82 per cent since its January 2025 high.
This is a developing story... Stay tuned
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