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Maggi Issues Drag Nestle Stock Lower
Shares of the Nestle India declined more than 5 Per cent on Thesday after reports of a likelihood of criminal case on the company by Uttar Pradesh Food and Drugs Administration (FDA)
Since, few days Nestle brand Maggi is under critical observation as the Uttar Pradesh, Food and Drugs Administration (FDA) found that Maggi contains an excess level of lead.
The government will review reports about the presence of "higher" level of lead and a food additive in Nestle's Maggi noodles, Union Food and Consumer Affairs Minister Ram Vilas Paswan said, reports PTI.
"We will review the reports of higher monosodium glutamate (MSG) found in Nestle's Maggi noodles. We will look into the matter and decide on a course of action after the investigation," Paswan told reporters.
Nestle India, is a subsidiary of Swiss-based Nestle SA. Last week, the company said that the quality and safety of our products are the top priorities.
The company also said that they are aware of the of the reports of elevated levels of lead in a pack of Maggi noodles which are analysed by the authorities. The test did show that lead level present in the pack to be within permissible limits, the company said in the BSE filing.
The company stock was seen trading at Rs 6,814, lower by 2 per cent on BSE at 3.10 PM IST. It touched an intra-day low of Rs 6,551 during the trade.
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