Britannia shares tank amid health concerns over 'bread'

Stocks of Britannia, Jubilant FoodWorks (Domino's Pizza) and WestLife Development, which owns a franchisee of McDonald's Restaurants, slipped three to twelve percent intraday on Tuesday owing health concern issues as the Centre for Science and Environment (CSE) claimed bread contains cancer-causing chemicals.

A CSE report stated that nearly 84 percent of 38 commonly available brands of pre-packaged breads, including pav and buns, tested positive for potassium bromate and potassium iodate, banned in many countries as they were listed as hazardous for public health.

In an interview to a media channel, Jubilant Foodworks said the company uses ingredients that are approved by FSSAI, adding the flour used is not treated with potassium bromate or potassium iodate.

On the other hand, Britannia has also denied using potassium bromate or iodate in bread. A company statement said, "All bread products are in compliance with food safety norms."

CSEs Pollution Monitoring Laboratory (PML) tested 38 commonly available branded varieties of pre-packaged breads, pav and buns, ready-to-eat burger bread and ready-to-eat pizza breads of popular fast food outlets from Delhi.

Shares of Britannia Industries was quoting at Rs. 2,628.00, down Rs. 52.95 or 1.98 percent, whereas Jubilant Foodworks was quoting at Rs. 1,013.60, down Rs. 98.85 or 8.89 percent on the BSE.