New Delhi, Oct. 21 -- There was a time when Bollywood regularly churned out memorable rib-tickling comedies. That job is now being performed by Dalal Street. Not just that, D-Street is now locked in an intense contest with Mumbai's property market over who can stretch incredulity the most.

And going by recent trends, the equity market is winning by a mile.

Just earlier this month, a pharma company proudly announced the launch of "India's first pure Jain dog biscuit".

"The product is the first of its kind to be thoughtfully crafted to align with Jain dietary principles, being completely free from root vegetables, meat, and all animal-derived ingredients," it helpfully explained in an exchange filing.

Canine religious preferences can be...