Nestle in soup; stock slips 3% as govt widens Maggi probe

Published - June 01, 2015 07:22 pm IST - Mumbai

Shares of Nestle India fell by nearly 3 per cent on Monday amid fresh concerns related to Maggi after government widened probe into alleged lapses of food safety standards in ‘two-minute’ noodles brand.

The stock went down by 2.70 per cent to settle at Rs 6,671.85 on the BSE. During the day, it dipped 4.4 per cent to Rs 6,555.

On the NSE, it fell by 1.2 per cent to end at Rs 6,670.20.

Widening probe into alleged lapses of food safety standards in Maggi noodles, the government has said it is testing samples from all states and strict action will be taken for any violation, including against brand ambassadors of the famous brand of Nestle.

The tests are being done by the central food safety regulator FSSAI (Food Safety and Standards Authority of India) and the reports are expected in the next 2-3 days.

A case has been lodged against Nestle India by UP food regulator FSDA in a local court at Barabanki in Uttar Pradesh over safety standards of its product Maggi, while actors Amitabh Bachchan, Madhuri Dixit and Preity Zinta have also been dragged to court for promoting the ‘two-minute’ noodles brand.

“In case of Maggi, we have gathered information. UP Food department has investigated and they have found monosodium glutamate (MSG) and lead. Now, FSSAI has taken up the issue.

It will take the action,” Food and Consumer Affairs Minister Ram Vilas Paswan said in New Delhi at a press conference.

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