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Nestle India pegs Maggi stock at Rs 320 crore

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MUMBAI: Nestle India has pegged the stock of its embroiled-in-controversy Maggi brand to be in the region of approximately Rs 320 crore.

The company has said that Maggi noodles stock worth Rs 210 crore was being withdrawn from the Indian market and destroyed. Additionally, Rs 110 crore worth of finished and related material stocks of Maggi remained at Nestle India?s factories and distribution centres.

In a statement, the company said, ?These are broad estimates because it is impossible to calculate the final figure while the withdrawal is taking place. There will be additional costs to take into account, for example bringing stock from the market, transporting the stock to the destruction points, destruction costs etc.?

Nestle India will come up with the final figure at a later date.

As was reported earlier by Indiantelevision.com, the Food Safety and Standards Authority of India (FSSAI) had ordered Nestle to withdraw Maggi noodles after some of its samples were found to contain more than permissible levels of lead.

However, even as the company withdraws the brand from the market, it moved the Bombay High Court, challenging FSSAI?s order. The court will hear the matter on 30 June.

The company added that above mentioned cost and other unforeseen costs associated with the withdrawal of Maggi noodles from across India, will be dealt with the applicable accounting standards when Nestle India will announce its financial results on the due date.

Nestle India?s stock has been nose-diving ever since the Maggi imbroglio broke out in the country. Over the last 15 days, Nestle India?s market cap has been down roughly 13.25 per cent. On 29 May, the company?s market cap stood at roughly Rs 66,113 crore as compared to approximately Rs 57354 crore today (15 June).

At the close of the day?s trade, the company stock price at Rs 5948.65 was down 2.14 per cent from its previous close of Rs 6078.80 on the Bombay Stock Exchange (BSE).

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