Headlines
Delhi government bans Maggi for 15 days
Delhi government bans Maggi for 15 days
New Delhi, June 3 The Delhi government on Wednesday banned Maggi noodles for 15 days.
Health Minister Satyendra Jain said the government has asked Maggi producer Nestle to recall all samples of the noodle brand from the national capital.
"The maggie issue has dented the stock heavily. The stock is generally an out performer even when the markets are down. When ever this controversy is resolved then we can see the valuations again rise," said Vinod Nair, head for fundamental research, Geojit BNP Paribas Financial Services.
"But for short-to-medium term there will be a downward trend. However, long-term investors do not need to be worried as the stock still remains very attractive."
Nestle continues to maintain that its product was "safe" for consumption, and that reports of its samples testing positive for higher-than-permissible levels of some substances has created concerns in the market.
Several states have sent the product for testing for higher-than-permissible levels of some substances like 'Lead'. Some major departmental stores across the country have take-off the product from its shelves.
The Delhi state government has banned Maggi noodles for 15 days.
Nestle India stocks down over nine percent
The controversy surrounding its best-seller brand Maggi noodles heavily dented the stocks of fast moving consumer goods (FMCG) major Nestle India, declining by 9.05 percent or 616.35 points at Rs.6,191.10 per equity share from its previous close of Rs.6,807.45."The maggie issue has dented the stock heavily. The stock is generally an out performer even when the markets are down. When ever this controversy is resolved then we can see the valuations again rise," said Vinod Nair, head for fundamental research, Geojit BNP Paribas Financial Services.
"But for short-to-medium term there will be a downward trend. However, long-term investors do not need to be worried as the stock still remains very attractive."
Nestle continues to maintain that its product was "safe" for consumption, and that reports of its samples testing positive for higher-than-permissible levels of some substances has created concerns in the market.
Several states have sent the product for testing for higher-than-permissible levels of some substances like 'Lead'. Some major departmental stores across the country have take-off the product from its shelves.
The Delhi state government has banned Maggi noodles for 15 days.
10 hours ago
Indian Consulate refutes reports claiming new restrictions for OCI cardholders
10 hours ago
India warns Pakistan cross-border terrorism will 'inevitably invite consequences'
10 hours ago
Hasan Nasrallah - the terror chief who guided Hezbollah to become world's 'most powerful non-state actor'
10 hours ago
Hezbollah confirms death of Nasrallah in Beirut strike
10 hours ago
Moved to secure location, Iran's Supreme Leader says 'malicious enemy' will regret its actions
10 hours ago
Elon Musk Criticized for Amplifying Political Tensions with Misleading Posts Ahead of US Election
11 hours ago
Trump Vows to Prosecute Google if Elected, Accuses Company of Bias in News Coverage
11 hours ago
Indian Ambassador Vinay Kwatra Expresses Optimism for Strengthening India-US Strategic Partnership
11 hours ago
Pentagon's Sabrina Singh Affirms Strength of US-India Partnership
11 hours ago
Kamala Harris Vows to Revive Bipartisan Border Security Bill Previously Blocked by Trump
11 hours ago
Canadian Conservatives Table New No-Confidence Motion as House Debates Trudeau’s Minority Government’s Future
12 hours ago
Fire at Tata Electronics facility in TN's Hosur, four admitted in hospital
12 hours ago
CPI seeks Kerala ADGP's removal for meeting RSS leaders