During his visit to Italy last month, Prime Minister Narendra Modi gifted India’s famous chocolate ‘Melody’ to his Italian counterpart, Georgia Meloni. As soon as Meloni shared the video of the interview on social media, it went viral. The viral video had a direct impact on the stock market. People rushed to buy shares of ‘Parle Industries’ in the market. In just 22 days, the shares of this company have given a bumper return of 116 percent. But the most interesting thing is that the company whose shares investors bought has no connection with ‘Melody’ chocolates!
The video of the interview between the two Prime Ministers came into the limelight on May 20. On that day, the stock of Parle Industries was trading at just Rs 5. After the news went viral, people rushed to buy these shares and an ‘upper circuit’ started to form in it. By June 11, the stock had risen by another 5% to Rs 10.81. This means that those who invested on May 20 have more than doubled their money in 22 days, with a multi-bagger return of 116%. The ‘Parle Industries’ in which investors have invested actually works in the infrastructure, real estate and paper waste recycling sectors. This Mumbai-based company has no connection with the chocolate business. Parle Products Vice-Chairman Mayanka Shah has also clarified that Parle Industries is a completely different company.
So which is the real Melody company?
The Parle-G, Melody, Monaco or Hide and Seek biscuits that we buy in the market are ‘Parle Products’. It is a well-known FMCG company in the country, but it is not listed on the stock exchange. Ordinary investors have been misled into buying shares of the wrong company and have become rich simply because of the name ‘Parle’.
