Nestle India down over 2% as Q3 net dives

Hit by the Maggi ban, Nestle India yesterday reported a 60% decline in standalone net profit

Shares of Nestle India today fell by over 2 per cent as it reported a 60 per cent decline in standalone net profit for the quarter ended September 30.

The stock dipped by 1.99 per cent to Rs 6,156.50 at BSE.

On NSE, it was down 2.23 per cent to Rs 6,150.

Hit by the Maggi ban, Nestle India yesterday reported a 60.1 per cent decline in standalone net profit at Rs 124.20 crore for the third quarter ended September 2015.

The company, which appointed MD Suresh Narayanan its Chairman to perform the dual role, had posted standalone net profit of Rs 311.29 crore in the same period last fiscal.

During the period under review, net sales declined 32.12 per cent to Rs 1,736.20 crore as against Rs 2,557.80 crore a year ago, Nestle India had said in a statement.

The company follows January-December financial year.

Due to the ban on Maggi, Nestle India had reported a standalone loss of Rs 64.40 crore in the second quarter for the first time in the last 15 years.

Nestle India said it is "faced with an unusual situation and continued to deal with it during the quarter as well".