The biggest love of Indians, Maggi, is now finally dumped. Nestle India dumps more than 27000 tons of Maggi due to orders given by Food Safety Regulator and Standards Authority of India (FSSAI).
This has happened since Lucknow Food and Safety & Drug Administration (FSDA) found excess of Lead and Monosodium Glutamate in Maggi samples and later Food Safety and Standards Authority of India (FSSAI) ordered to cancel the license for Maggi.
More than 27,000 tonnes of noodles, recalled from 3.5 million retail outlets, with 10,000 trucks transporting them for incineration. The company said that the stock of noodles was worth more than Rs. 320 Crores.
These Maggi packets will be burnt down in cement factories. This is for the first time Nestle India would be suffering such a massive loss. The biggest nightmare in the history of Nestle.
Since May 28, Nestle shares are down, nearly 17 percent from Rs 7,038.65 to Rs 5845.35 (as on 25th June 2015). The selloff has wiped out nearly Rs 10,000 crore from Nestle’s market capitalization.
Nestle since moved the Bombay High Court, challenging the order. The court has now issued a notice to the Food Safety and Standards Authority of India (FSSAI), the regulator, and other respondents and posted the matter for hearing on June 30.
We hope that in the hearing High Court orders Nestle India to start new and fresh productions of Maggi with everything being tested properly. It has been a hard month for us to stay without the taste of Maggi relishing in our mouths. We just want our #HealthyMaggi back. 🙁