Investors in Nestle lose Rs 10,000 crore due to Maggi

The Maggi instant noodles controversy has cost in vestors in Nestle almost Rs 10,000 crore. The share price of the FMCG major has fallen nearly 15% since the controversy over excessive lead in the noodle brand broke out. Share price fell from RS 7,039 on 8 May to Rs 6036 on 5 June, wiping out nearly Rs 10,000 crore from Nestle's market cap.

Addressing the media in Mumbai on Friday, Nestle's global CEO Paul Bulcke defended the brand and said Maggi noodles are safe for consumption. “Maggi noodles were withdrawn from the market due to confusion as consumer trust was shaken,“ Bulcke told reporters.