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Nestle India Shares Recover As Global CEO Says “Maggi Safe For Consumption”
Shares in Nestle India recovered after Nestle global CEO Paul Bulcke said Maggi noodles were safe for consumption.
The stock was last trading at Rs 6077, up by Rs 22. The stock had dipped to an intra day low of Rs 5711 in trade today. Bulcke said that the company follows the same quality standards, safety procedures everywhere in the world.
The shares of Nestle India had dipped as much as 16 per cent in the last few days ever since there was a ban by certain states on the company's Maggi brand of noodles. The noodles have a dominant share in the market and contributes roughly to 20 per cent of the company's total sales.
Many analysts feel that though the stock price is still highly priced, though the company may see recovery, which could take time.
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