Viral ‘Melodi’ Video Triggers Dalal Street Frenzy, Investors Chase Wrong Stock
Name Confusion From Modi-Meloni Video Boosts Penny Stock: A viral video from Prime Minister Narendra Modi’s visit to Italy created unexpected excitement in the stock market. In the clip shared by Italian Prime Minister Giorgia Meloni, PM Modi was seen gifting her Melody toffees. The video quickly became popular online, and “Melody” started trending across social media platforms.
Soon after, investors rushed to buy shares connected to the name “Parle.” This sudden buying pushed shares of Parle Industries up by 5%, hitting the upper circuit at ₹5.25 on Wednesday.
Name Confusion From Modi-Meloni Video Boosts Penny Stock: But the rise was based on confusion. Melody toffees are actually made by Parle Products, the company known for products like Parle-G and Monaco. Since Parle Products is not listed on the stock exchange, investors mistakenly bought shares of Parle Industries instead.
Interestingly, Parle Industries has nothing to do with biscuits or candies. The company operates in real estate, infrastructure, and paper recycling businesses.
ALSO READ: LIC Smart Pension Plan: Get ₹10,880 Pension Every Month For Life
