Nestle shares slump 1%
Shares of Nestle India continued to decline on Friday, ending the day over 1 per cent lower, amid reports that the global FMCG major sold infant milk products with more sugar content in less developed countries. The stock declined 3.53 per cent to Rs2,375.75 during the day on the BSE
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New Delhi: Shares of Nestle India continued to decline on Friday, ending the day over 1 per cent lower, amid reports that the global FMCG major sold infant milk products with more sugar content in less developed countries. The stock declined 3.53 per cent to Rs2,375.75 during the day on the BSE. It later ended at Rs2,437.10 a share, down 1.04 per cent.
On the NSE, shares of the company dipped 2.13 per cent to Rs2,410 during the day. The stock ended at Rs2,430 apiece, reflecting a decline of 1.32 per cent. On Thursday, shares of Nestle India had declined over 3 per cent. In two days, the company’s market capitalisation (mcap) got eroded by Rs10,610.55 crore to Rs 2,34,974.74 crore. Nestle India on Thursday said it has reduced added sugar on baby food products in India by up to 30 per cent, depending on variants, over the past five years, amid reports that the global FMCG major sold products with more sugar content in less developed countries.
According to findings by Swiss NGO, Public Eye and International Baby Food Action Network (IBFAN), Nestle sold baby products with higher sugar content in less developed South Asian countries, including India, Africa and Latin American nations as compared to markets in Europe.
