Food Safety and Standards Authority of India (FSSAI) has imposed a ban on Maggi Noodles. It also ordered Nestle India to carry out the destruction exercise of Maggi Noodles after it found excess lead in the samples.
Nestle India kickstarted the process of withdrawing the stock from the outlets across the country and destroying the noodles worth Rs 320 crore. About 27,420 tonnes of Maggi Noodles is available in the market when the recall was announced.
The Company brought to the notice of Bombay Stock Market - Value of stock in the market (Rs 210 crore) and Stocks at the factories and distribution centres (Rs 110 crore).
Nestle India made it clear 40% of the 27,420 tonnes can't be recalled as they were either with the retailers or at homes. The Company started destruction exercise at furnaces of five cement manufacturing units on June 9th.