New Delhi: The shares of Nestle India Ltd. up as much as 9.75% to Rs. 6,080 a piece on Bombay Stock Exchange (BSE) on Tuesday after Maggi clears safety norms of Singapore. It is for the first time since 21 May when shares of Nestle India rose up.
Shares of Nestle India closed 7.47% higher at Rs.5,953.80 apiece, while the benchmark Sensex declined 0.16%, or 41.84 points, to 26,481.25.
According to a report by The Straits Times, Singapore, The Agri Food and Veterinary Authority of Singapore (AVA) on Monday said Maggi noodles produced in India are safe to eat, as food safety tests found that it does not pose risks to consumers.
Notify that Singapore had put restrictions on import of Maggi noodles from India last week. Since 21 May, Nestle India’s stock has lost 20.29%, from Rs.6,950.30 to Rs.5,539.80.
Samples of Maggi noodles produced in India had been then collected by AVA in Singapore for testing after Food Safety and Standards Authority of India (FSSAI), India’s food safety regulator, on 5 June asked Nestle India to recall all nine variants of Maggi noodles from the market, calling them “unsafe and hazardous” for human consumption.
Nestle India said it would withdraw the products, but continued to insist that the products were safe.
Bureau Report
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