Nestle Shares Falls As Rs 320 Crores Worth Maggi Stock Destroyed

By Sunil Fernandes
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    Shares in Maggi fell more than 2 per cent after reports that the company was destroying stock worth Rs 320 crores.

    Nestle Shares Falls As Rs 320 Crores Worth Maggi Stock Destroyed
    Nestle India: Quotes, News
    BSE 9765.15BSE Quote387.55 (-3.97%)
    NSE 9749.60NSE Quote395.4 (-4.06%)
    On Monday the stock had closed 2 per cent lower and today's dip means the stock has lost almost 4 per cent in 2 trading sessions.

    PTI had reported that Nestle India is in the process of destroying Maggi instant noodles worth Rs 320 crore after it was banned by central food safety regulator FSSAI due to presence of lead and taste enhancer monosodium glutamate (MSG) beyond permissible limits.

    The company said it is in the process of withdrawing the stock of Maggi noodles from markets, factories and distribution and destroying it.

    "The estimated sales value of the stock in the market, including those with our trade partners is around Rs 210 crore. In addition, there was Maggi Noodles and related materials in our factories and distribution centres when the withdrawal was announced and the estimated value of these is around Rs 110 crore," Nestle India informed the BSE.

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    Read more about: nestle
    Story first published: Tuesday, June 16, 2015, 10:21 [IST]
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