Updated April 19th, 2024 at 12:19 IST

Nestle shares extend decline for second consecutive day, slipping 3%

This decline marks the second consecutive day of losses for Nestle India, following a more than 3% drop on Thursday.

Reported by: Business Desk
Nestle India | Image:Nestle India
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Nestle India: Shares of Nestle India continued their downward trajectory on Friday, falling by over 3.50 per cent, amid reports alleging that the global FMCG giant sold infant milk products with higher sugar content in less developed countries.

On the Bombay Stock Exchange (BSE), the stock dropped 3.53 per cent to Rs 2,375.75, while on the National Stock Exchange (NSE), it dipped by 2 per cent to Rs 2,412.05 per share. This decline marks the second consecutive day of losses for Nestle India, following a more than 3 per cent drop on Thursday.

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Addressing concerns raised by reports, Nestle India stated on Thursday that it has reduced the added sugar content in baby food products in India by over 30 per cent across various variants over the past five years. This comes amid allegations that the company sold products with elevated sugar levels in less developed countries.

A recent investigation by Swiss NGO, Public Eye, and the International Baby Food Action Network (IBFAN) revealed that Nestle marketed baby products with higher sugar content in South Asian countries, including India, as well as in African and Latin American nations, compared to markets in Europe.

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In response to queries regarding these allegations, a spokesperson for Nestle India said, "Reduction of added sugars is a priority for Nestle India." The spokesperson highlighted the company's efforts in reducing added sugars by up to 30 per cent across various product variants over the past five years. They further affirmed Nestle's commitment to continuously review and innovate its product portfolio to further reduce sugar levels while maintaining nutrition, quality, safety, and taste standards.

"We never compromise and will never compromise on the nutritional quality of our products," the spokesperson stated. "We constantly leverage our extensive global research and development network to enhance the nutritional profile of our products," they added.

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(With PTI inputs.)

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Published April 19th, 2024 at 12:19 IST