Nestle Extends Losses as Maggi Controversy Snowballs: Nestle shares extended losses on Thursday, falling as much as 6.3 per cent in opening deals. The stock dropped below the key 6,000 levels today, from a high of Rs 7,038 on May 28, 2015.
Maggi Controversy: Nestle in Damage Control, Shares Recover: Nestle shares staged a sharp recovery on Friday, gaining nearly 2 per cent, after earlier falling by as much as 5 per cent in morning deals. The company’s global CEO held a press conference to address concerns around Maggi noodles
Nestle Sinks Over 10% as Crackdown Looms Over Maggi Noodles: Shares in Nestle, the company that makes Maggi noodles, dropped as much as 11.5 per cent on Wednesday. The selloff in Nestle comes amid a raging controversy about its most popular product Maggi, which has come under a country-wide scrutiny for high content of lead and mono-sodium glutamate or MSG, a taste enhancer.
China bans big shareholders from cutting stakes for 6 months:: Chinese stocks bounced on Thursday, after the securities regulator banned shareholders with large stakes in listed firms from selling, in Beijing’s most drastic step yet to stem the dramatic plunges that have roiled global financial markets.