Nestle India pegs Maggi stock at Rs 320 crore

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The company has said that Maggi noodles stock worth Rs 210 crore was being withdrawn from the Indian market and destroyed.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, 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).

Latest Reads
Culture Machine & Quaker Oats aim to feed kids

As the festive mood gathers spirit in the country, Culture Machine’s digital channel Being Indian, in collaboration with Quaker Oats, have released a new campaign. Titled "Ek Muthi Sonu ke Naam", the video urges people to pause and spare a thought to the millions of children who go hungry.

MAM Media and Advertising Ad Campaigns
BTVi unveils new brand positioning

BTVi has unveiled its new positioning, #OpinionsThatCount, aimed at impacting the opinions of the influencers. With this, BTVi will be the voice and choice of the influential. An integrated campaign will be launched primarily catering to influencers, key decision makers and opinion makers.

MAM Media and Advertising People
Cornitos unveils 'Crispy' mascot

Cornitos, the flagship brand of Greendots Health food Ltd, rolled out its new brand campaign announcing the launch of its mascot. With its inception in 2009, it is for the first time that the brand has given a face to its much-loved Nachos category.

MAM Media and Advertising Ad Campaigns
Barbie's 'Power Of Play': Mattel, BBDO remind parents

MUMBAI: Mattel Asia has launched a new video for its Barbie® brand as part of its broader initiative to empower girls. Mattel Asia, takes on the widely held belief in Asia that imaginative play is not important to a child’s development, with the release of, “The Power of Play with Barbie,” a part...

MAM Media and Advertising Ad Campaigns
Zee Mundo hires Steinbranding

MUMBAI: Steinbranding, the international design agency with headquarters in Buenos Aires, responsible for the image of more than 50 channels worldwide, was chosen by the major Indian media group, Zee Entertainment Enterprises to create the brand, naming and on-air & off-air branding for Zee...

MAM Marketing Brands
Exquisite partners with Warner Bros. consumer products

Exquisite, an innovative and experienced player in the EMEA market, has teamed up with Warner Bros. Consumer Products EMEA (WBCP EMEA), on behalf of DC Entertainment, to create the first retail loyalty programmes featuring DC Super Heroes.

MAM Marketing Brands
Cadbury Bournvita Biscuits introduces new tiffin pack

Mondelez India Foods is set to launch a new tiffin pack of its highly successful Cadbury Bournvita Biscuits with an aim to encourage consumers to make it a habit in the morning to have the biscuit.

MAM Marketing Brands
FCB Ulka wins advertising duties for AVT Premium

MUMBAI: A.V. Thomas & Company has appointed FCB Ulka Bangalore to handle the advertising duties for their flagship brand, AVT Premium. The win adds to FCB Ulka Bangalore’s portfolio which includes marquee clients like ITC Biscuits & Confectionery and Wipro Consumer Care & Lighting. AVT...

MAM Media and Advertising Account
Wringley's Doublemint tells a 'fresh' new love story

MUMBAI: Released on Youtube on 21 October, the new TVC of Wringley's Doublemint conceptualised by BBDO Indua and directed by Shoojit Sircar has already garnered over two lac views.

MAM Media and Advertising Ad Campaigns

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories