Shares of Nestle India on Thursday declined over 3 per cent amid reports that the global FMCG major sold infant milk products with more sugar content in less developed countries.
The stock dipped 3.31 per cent to settle at Rs 2,462.75 on the BSE. During the day, it went lower by 5.40 per cent to Rs 2,409.55.
It was the biggest laggard among the BSE Sensex firms.
At the NSE, shares of the company declined 2.94 per cent to settle at Rs 2,471.
The company's market capitalisation (mcap) eroded by Rs 8,137.49 crore to Rs 2,37,447.80 crore.
Nestle India on Thursday said it has reduced added sugar on baby food products in India by over 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 (IBFAN), Nestle sold baby products with higher sugar content in less developed South Asian countries including India, and African and Latin American.
