A packet of caramel toffees presented by Indian Prime Minister Narendra Modi to Italy’s Prime Minister Giorgia Meloni led to a substantial increase in shares of a lesser-known software company on Wednesday.
Shares of Parle Industries Ltd. rose by 5 percent, marking their highest increase in two months, as traders mistakenly associated the firm with Parle Products Pvt., the famous Indian manufacturer of Melody candies and Parle-G biscuits.
The confusion erupted after Meloni shared a video of Modi gifting her a packet of Melody, reigniting a long-standing social media meme that combines their names into “Melodi.”
“This is undoubtedly a case of mistaken identity,” stated Arun Kejriwal, founder of Kejriwal Research & Investment Services. “Retail participation in the market has grown, with small investors becoming influential. However, many often fall victim to misinformation.”
The thinly traded stock not only recovered from prior losses but surged to its daily trading limit, with over 800,000 shares changing hands. Parle Industries, valued at just under $3 million, employs nine people and specializes in ERP software and services. Its stock has declined by more than 40 percent this year.
Representatives from both Parle Industries and Parle Products were not available for comment at the time of reporting. Earlier on Wednesday, Modi published images of his visit to Rome’s iconic Colosseum alongside Meloni.
This incident highlights the influence of social media and the potential for confusion in the stock market.
Published on May 20, 2026.
