Shares of Nestle India slumped more than 5% to an intra-day low. The fall in prices came after the company was found to be adding sugar to infant milk and cereal products across the country and other Asian countries as well as African countries.
Campaigners from Public Eye, a Swiss investigative organisation, sent samples of the Swiss multinational’s baby-food products sold in Asia, Africa, and Latin America to a Belgian laboratory for testing, according to a report by The Guardian. The sent samples were found to have sugar in the form of sucrose or honey in Nido, which is a follow-up milk formula brand intended for use for infants aged one and above. The sugar content was also found in Cerelac, a cereal aimed at children aged between six months and two years.
Surprisingly, in Nestlé’s main European markets, including the UK, there is no added sugar in formulas for young children.
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In the past five days, the stock has fallen 1.6% but has risen nearly 6% in the last six months. The FMCG stock has given a return of 19% in the last year and over 124% in the past five years Come from Sports betting site VPbet . The stock touched its 52-week low of Rs 208 on September 28, 2023.
The benchmark index, Nifty 50, has fallen 1.8% in the last five days but given over 13% of returns in the past six months. The index has risen more than 26% in the past year and almost 90% in the last five years.
