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Nestle Shares Jump After HC Sets Aside Ban Order
Shares of the Nestle India rose on Thursday after the Bombay High court suppressed orders of food regulators banning Maggi noodles.
Check company share price details and financials
"Nestle India Ltd has informed BSE that with reference to Writ Petition in the Hon'ble Bombay High Court filed by Nestle India Limited raising issues of interpretation of the Food Safety and Standards Act and the Orders passed by the Commissioner of Food Safety Maharashtra and the Food Safety and Standard Authority of India (FSSAI)", the company said in the press release.
The Writ Petition has been allowed and both ban Orders have been set aside. Manufacture and sale of MAGGI Noodles is subject to certain conditions which will be informed after the judgement is received, added further.
This week, the Indian government filed a suit against Nestle for selling "defective and hazardous" Maggi noodles as it is tabulating further damages to be sought, reports PTI.
Shares of the Nestle India was seen trading at Rs 6430, higher by 3.55 per cent on BSE at 3.00 pm IST. It touched an intra-day high of Rs 6545 during the trade.
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