Sugar Controversy: Nestlé India Shares Continue To Decline For Second Day
Sugar Controversy: Nestlé India shares continued to fall on Friday, sliding over 3.50 per cent
Sugar Controversy: Shares of Nestlé India continued to fall on Friday, sliding over 3.50 per cent following reports that the global FMCG giant sold infant milk products with higher sugar content in less developed countries. The company's stock fell 3.53 per cent to Rs 2,375.75 on the BSE, while it dipped 2 per cent to Rs 2,412.05 per share on the NSE.
On Thursday, Nestlé India shares also dropped more than 3 per cent. Amid reports of higher sugar content in its products sold in less developed countries, Nestlé India stated on Thursday that it has reduced added sugar in its baby food products in Nestlé by over 30 per cent, depending on variants, over the past five years.
Findings by Swiss NGO Public Eye and the International Baby Food Action Network (IBFAN) revealed that Nestlé sold baby products with higher sugar content in less developed South Asian, African, and Latin American countries compared to European markets.
ALSO READ | Consumer Affairs Ministry Urges FSSAI Probe Into Nestle's Cerelac Composition In India
In response to inquiries, a Nestlé India spokesperson said, "Reduction of added sugars is a priority for Nestlé India. Over the past five years, we have already reduced added sugars by up to 30 per cent, depending on the variant." The spokesperson added that Nestlé regularly reviews its portfolio and innovates its products to further reduce added sugars without compromising nutrition, quality, safety, or taste.
Nestlé India clarified that its infant cereal products are designed to meet the nutritional needs of early childhood, including protein, carbohydrates, vitamins, minerals, and iron. The spokesperson concluded, "We never compromise and will never compromise on the nutritional quality of our products. We consistently utilise our extensive global research and development network to enhance the nutritional profile of our products.”
Meanwhile, the Consumer Affairs Ministry on Friday requested the food safety regulator FSSAI to investigate the composition of Nestlé’s Cerelac baby cereals available in India. "We have written to the FSSAI to take cognisance of the report on Nestlé’s baby product," Consumer Affairs Secretary and Central Consumer Protection Authority (CCPA) Chief Nidhi Khare said.
Top Headlines
