Modi handing 'Melody' candies to Meloni spurred mistaken Parle stock
Business
Parle Industries's stock just took a dip after soaring nearly 60% in the past few weeks, all because of a viral video where Prime Minister Modi handed out Melody candies to Italy's Prime Minister Meloni.
The twist? Parle Industries doesn't actually make Melody candies.
Parle Products clarifies name confusion
The real maker, Parle Products, stepped in to clear things up.
Mayank Shah, its vice president, explained that investors got confused by the shared Parle name.
Even after dropping to ₹7.33 on June 3, Parle Industries's shares bounced back up by midday, though the company itself is mainly into real estate and recycling, not sweets.