Nestle India rises over 1% after NCDRC dismisses govts Maggi-related complaint against firm
Nestle India said that a complaint filed by the Union of India, Department of Consumer Affairs, in 2015 before Honble National Consumer Dispute Redressal Commission, New Delhi (NCDRC) on the allegation that by selling MAGGI Noodles in the past, the Company had indulged in unfair trade practice by manufacturing and selling of hazardous and defective goods to the public, and thereby seeking compensation of Rs 284.55 crore and punitive damages of Rs. 355.41 crore, was dismissed by NCDRC in favour of the company vide NCDRCs order dated April 2, 2024. A copy of the said order was received by the company on April 3, 2024.
Nestle India Share Price: Nestle India Ltd rose over one per cent on BSE on Friday (April 5, 2024) after NCDRC dismissed a Consumer Ministry complaint against the company that said that by selling Maggi Moodles, the consumer products firm was indulging in unfair trade practice by manufacturing and selling of hazardous and defective goods.
The stock rose by 1.06 per cent to Friday's high of Rs 2,576.00 after ending the trading session on Thursday at Rs 2549.05.
The stock was trading higher by 0.58 per cent, or Rs 14.90, at Rs 2563.95 at 9:47 am on Friday.
What was complaint against Nestle India?
Nestle India said that a complaint filed by the Union of India, Department of Consumer Affairs, in 2015 before Hon’ble National Consumer Dispute Redressal Commission, New Delhi (NCDRC) on the allegation that by selling MAGGI Noodles in the past, the Company had indulged in unfair trade practice by manufacturing and selling of hazardous and defective goods to the public, and thereby seeking compensation of Rs 284.55 crore and punitive damages of Rs. 355.41 crore, was dismissed by NCDRC in favour of the company vide NCDRC’s order dated April 2, 2024. A copy of the said order was received by the company on April 3, 2024.
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