Nestle shares down as high court refuses to stay ban on maggi

Bombay High Court on Friday declined to grant relief to Nestle India by rejecting its plea for stay on orders of food regulators banning nine variants of Maggi noodles from the Indian market

as they were harmful to public health. Shares of Nestle India fell by over 2% on 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. The stock ended 2.14% lower at Rs 5,948.65 on BSE. During the day, it fell by 3% to Rs 5,896. At the

NSE, it slipped 2.17% to Rs 5,955.05. Bombay High Court on Friday declined to grant relief to Nestle India by rejecting its plea for stay on orders of food regulators banning nine variants

of Maggi noodles from the Indian market as they were harmful to public health. Hearing a plea of the Indian arm of the Swiss multinational, Justices V M Kanade and B P Colabawala were of the

view that due to the impunged orders, Maggi products had already been withdrawn from the shops and hence there was no need to grant a stay on the ban. The company had moved the High Court

challenging the ban imposed by a June 5 order by Food Safety and Standards Authority of India (FSSAI) banning nine variants of the popular instant snack. Nestle had sought quashing of the

June 5 order of FSSAI and its Chief Executive Officer asking the company to withdraw and recall all its nine variants of Maggi from the market as they were unsafe and harmful for human

consumption.