Markets

Nestle India stocks crash over Maggi

The shares of Nestle India plunged 10.10 per cent on BSE.

The shares of Nestle India plunged 10.10 per cent on BSE.  

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Shares of Nestle India slumped over 10 per cent on Wednesday amid growing concerns about safety standards of its popular Maggi noodles.

Samples of Maggi noodles taken in the National Capital were found “unsafe” for consumption during tests by the Delhi government, which decided to initiate a case against Nestle India.

The stock plunged 10.10 per cent to Rs 6,119.40 on BSE.

On NSE, it fell sharply by 10.2 per cent to Rs 6,109.

A Bihar court on Tuesday ordered an FIR against Maggi brand ambassadors Amitabh Bachchan, Madhuri Dixit and Preity Zinta even as Nestle India faced trouble in more States.

State-owned retail outlets in Kerala were asked to withdraw these products, and Karnataka and Haryana ordered random lifting of samples for scrutiny.

The Union Health Ministry said it will look into the matter, taking note of various reports suggesting that the samples of Maggi contained higher-than-permissible levels of lead and monosodium glutamate.

Meanwhile, BSE has sought clarification from Nestle India with reference to reports that the Maggi samples failed safety test in Delhi.

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Printable version | Aug 23, 2019 7:03:54 AM | https://www.thehindu.com/business/markets/nestle-india-stocks-crash-over-maggi/article7278124.ece

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