Nestle India lost 1.07% to Rs 6,215 at 10:39 IST on BSE after net profit fell 60.1% to Rs 124.20 crore on 32.1% decline in net sales to Rs 1736.20 crore in Q3 September 2015 over Q3 September 2014.
The result was announced after market hours yesterday, 29 October 2015.
Meanwhile, the S&P BSE Sensex was up 90.22 points or 0.34% at 26,928.36.
On BSE, so far 3,289 shares were traded in the counter as against average daily volume of 13,639 shares in the past one quarter.
The stock hit a high of Rs 6,231 and a low of Rs 6,156.50 so far during the day. The stock had hit a record high of Rs 7,499.95 on 10 March 2015. The stock had hit a 52-week low of Rs 5,499 on 8 June 2015.
The stock had underperformed the market over the past one month till 29 October 2015, gaining 1.65% compared with the Sensex's 4.11% rise. The scrip had, however, outperformed the market in past one quarter, advancing 2.19% as against Sensex's 2.63% fall.
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The large-cap company has equity capital of Rs 96.42 crore. Face value per share is Rs 10.
Nestle India said that the Maggi noodles issue disrupted its business in Q3 September 2015. In addition to loss of sales from the business disruption, net sales worth Rs 15.32 crore (cumulative: Rs 303.70 crore) have been reversed during the quarter in relation to Maggi noodles stock being withdrawn from trade partners and market, Nestle India said. The exceptional item relates to estimates of loss on account of stocks withdrawn including incidental costs thereto and other related costs incurred exclusively in the ordinary course of company's business, and are dealt with in line with appropriate accounting standards, Nestle India said in a statement.
Suresh Narayanan, Chairman and Managing Director of Nestle India said that the company has commenced manufacturing of Maggi noodles and after clearance of the samples to be tested by the three accredited laboratories, it will reintroduce Maggi noodles in the market at the earliest.
Nestle India's board of directors at a meeting held yesterday, 29 October 2015, appointed Suresh Narayanan as the Chairman of the company in addition to his responsibility as the Managing Director of the company. Suresh Narayanan has extensive and senior management experience, both in India as well as International markets. He was Chairman and CEO of Nestle Philippines before taking charge as the Managing Director of the company effective 1 August 2015. Antonio Helio Waszyk retired as the Chairman of the company effective 1 October 2015.
Nestle India is a subsidiary of Nestle S.A. of Switzerland. Nestle is the world's leading nutrition, health and wellness company. Nestle S.A. held 34.28% stake in Nestle India (as per the shareholding pattern as at 30 September 2015).
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