Nestle India Shares Rise as NCDRC Dismisses Govt Petition on Maggi Noodles

5 Apr 2024 , 01:09 PM

Nestle India’s shares rose nearly 1% in the opening trade on April 5 following the dismissal of a government petition by the National Consumer Dispute Redressal Commission (NCDRC). As of the latest update, Nestle India’s stock was trading at ₹2,535.45, showing a decline of 0.57% on the BSE.

The NCDRC dismissed a 2015 plea filed by the Union of India, Department of Consumer Affairs, against Nestle India regarding the sale of Maggi noodles, as per the company’s exchange filing.

The complaint alleged unfair trade practices by Nestle India in manufacturing and selling hazardous and defective goods, seeking compensation and punitive damages amounting to ₹284.55 Crore and ₹355.41 Crore, respectively.

Nestle India’s stock previously reached a 52-week high of ₹2,770.75 and a 52-week low of ₹1,937.48 on January 2, 2024, and April 12, 2023, respectively. Currently, it trades 7.3% below its 52-week high and 32.57% above its 52-week low.

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