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  1. Brokerages downgrade Nestle; see Rs 160-cr revenue loss in June qtr

Brokerages downgrade Nestle; see Rs 160-cr revenue loss in June qtr

Nestle shares declined more than 7% on Monday after Bahrain and Canada announced temporary ban on import and sale of Nestle’s Maggi noodles from India.

By: | Mumbai | Published: June 9, 2015 12:11 AM
maggi ban

Nestle shares declined more than 7% on Monday after Bahrain and Canada announced temporary ban on import and sale of Nestle’s Maggi noodles from India. (PTI)

Nestle shares declined more than 7% on Monday after Bahrain and Canada announced temporary ban on import and sale of Nestle’s Maggi noodles from India. This is in addition to temporary bans ordered by various Indian states after detecting high level of lead and excessive amounts of taste enhancers such as monosodium glutamate (MSG) last month. American multinational investment banking firm, Goldman Sachs lowered 2015-17 earnings estimate and target price. This is in addition to 7-27% target price cuts and downgrades by JPMorgan, UBS, Motilal Oswal Financial Services, BNP Paribas, Barclays, Edelweiss, and CLSA. The stock has slumped nearly 25% in the last 16 sessions. Maggi contributes about 20-25% to its revenue in India and analysts estimated R160 crore in earnings loss in the quarter ending June 2015.

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