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Nestle India shares down on announcement by the company to destroy Maggi worth Rs 320 crore

The shares of Nestle India plunged over 2 percent on Tuesday as the company has announced that they are in the process of withdrawing Maggi noodles stock from the market and destroying it.

In a filing to BSE the company said,  “There will be additional cost to take into account, for example bringing stock from the market, transporting the stock to the destruction points, destruction cost etc. The final figure will have to be confirmed later.”

Stock’s estimated market value including those with trade partners is around Rs 210 crore and in addition to that there were Maggi noodles and related material in factories and distribution centres at the time when the withdrawal was announced and the estimated value of these is around Rs 110 crore.

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