GSK Consumer shares sink 9% in intra-day on FSSAI move

Shares of GlaxoSmithkline Consumer Healthcare tumbled 9 per cent in intra-day trade today after quality testing was ordered for some of its products across the country to check for health hazards amid the ongoing Maggi noodles issue.
The stock plunged 9 per cent to Rs 5,810.60 during the day at the BSE. Later, the stock closed at Rs 6,119.15, down 4.26 per cent.
At the NSE, it tanked 4.34 per cent to end at Rs 6,111.90.
After Maggi, quality testing was ordered today for noodles, pasta and macaroni brands of seven companies including Nestle, ITC and GlaxoSmithkline across the country to check for health hazards.

The companies whose products have been listed for testing are Nestle India, ITC, Indo Nissin Food Ltd, GSK Consumer Healthcare, CG Foods India, Ruchi International and AA Nutrition Ltd.
Shares of ITC went down by 0.43 per cent to Rs 303.50 at the BSE.

Listing out the total 32 such brands including Maggi, Top Ramen, Wai Wai, Yummy and Foodles, the central food safety regulator FSSAI also ordered immediate recall of all other such instant food products which did not have any product approval and were being sold in the market in an "unauthorised and illegal" manner.
In its order for quality testing by all states and union territories, the Food Safety and Standards Authority of India (FSSAI) said that "various test results on Maggi and some other similar products have raised serious health concerns" and therefore it was necessary to test other similar products.

Nestle India recalled Maggi from the markets after several states banned the famous '2-minute' instant food brand as tests showed that it contained taste enhancer MSG (Monosodium glutamate) and lead in excess of the permissible limits.