New Delhi, May 20 -- Parle Industries' share price hit the 5% upper circuit on Wednesday, 20 May, led by strong buying momentum in the counter as investors reacted to the "Melody" moment that went viral online involving Prime Minister Narendra Modi and his Italian counterpart Giorgia Meloni.

The small-cap penny stock rallied as much as 5% to Rs.5.25 apiece on the BSE.

The rally in Parle Industries shares was supported by heavy volumes. Over 8 lakh equity shares of Parle Industries changed hands on stock exchanges, significantly higher than its one-week average trading volume of 2 lakh shares and its one-month average volume of 3 lakh shares.

Earlier today, Italian Prime Minister Meloni revealed in a social media post that PM Modi had g...