Nestle India is in the process of destroying Maggi instant noodles worth Rs 320 crore after it was banned by FSSAI.
The company said it is in the process of withdrawing the stock of Maggi Noodles from markets, factories and distribution and destroying it.
“The estimated sales value of the stock in the market, including those with our trade partners is around Rs 210 crore. In addition, there was Maggi Noodles and related materials in our factories and distribution centres when the withdrawal was announced and the estimated value of these is around Rs 110 crore,” Nestle India said.
Shares of Nestle India fell by over 2% Monday after Bombay High Court declined to grant relief to the company by rejecting its plea for stay on orders of food regulators banning nine variants of Maggi noodles from the Indian market.
Nestle India shares closed at Rs 5,948.65 a piece on BSE on Monday, down 2.14% from previous close.
