Nestle shares continue to decline; mcap erodes by ₹10,610.55 cr in two days - Hindustan Times
close_game
close_game

Nestle shares continue to decline; mcap erodes by 10,610.55 cr in two days

PTI |
Apr 19, 2024 05:12 PM IST

Nestle shares continue to decline; mcap erodes by ₹10,610.55 cr in two days

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.

Nestle shares continue to decline; mcap erodes by <span class='webrupee'>₹</span>10,610.55 cr in two days
Nestle shares continue to decline; mcap erodes by 10,610.55 cr in two days

The stock declined 3.53 per cent to 2,375.75 during the day on the BSE. It later ended at 2,437.10 a share, down 1.04 per cent.

Unlock exclusive access to the latest news on India's general elections, only on the HT App. Download Now! Download Now!

On the NSE, shares of the company dipped 2.13 per cent to 2,410 during the day. The stock ended at 2,430 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 got eroded by 10,610.55 crore to 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 , 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.

When reached out for comments, a company spokesperson said, "Reduction of added sugars is a priority for Nestle India. Over the past 5 years, we have already reduced added sugars by up to 30 per cent, depending on the variant."

The spokesperson further said, "We regularly review our portfolio and continue to innovate and reformulate our products to further reduce the level of added sugars, without compromising on nutrition, quality, safety, and taste."

Nestle India asserted that its "infant cereal products are manufactured to ensure the appropriate delivery of nutritional requirements such as protein, carbohydrates, vitamins, minerals, iron etc. for early childhood".

"We never compromise and will never compromise on the nutritional quality of our products. We constantly leverage our extensive global research and development network to enhance the nutritional profile of our products," the spokesperson said.

This article was generated from an automated news agency feed without modifications to text.

Elevate your career with VIT’s MBA programme that has been designed by its acclaimed faculty & stands out as a beacon for working professionals. Explore now!

Discover the complete story of India's general elections on our exclusive Elections Product! Access all the content absolutely free on the HT App. Download now!
Get latest news on Education along with Board Exam, Competitive Exam and Exam Result at Hindustan Times. Also get latest Job updates on Employment News
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Sunday, May 26, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On