Amidst all the negative news, Nestle India finally got a ray of hope, as the Bombay High Court today allowed the company to export Maggi noodles. The stock reacted to the news and it is currently trading at Rs 6,250, up 3 per cent on the Bombay Stock Exchange.
In the meantime, the court has also adjourned the Nestle India Vs Food Safety and Standards Authority of India (FSSAI) case to July 18. As a result of this, both Bombay High Court and #Nestle were trending on Twitter. According to reports, the company informed the court that till now 17 crore packets of Maggi noodles have been destroyed. On June 15, Nestle India gave a statement to withdraw Rs 320 crore of Maggi from the market and destroying it.
On June 6, the global head of Nestle announced his decision to withdraw Maggi noodles from the Indian market because the current situation was not conducive for the product. The entire controversy erupted over the alleged presence of lead and MSG beyond permissible limits in the snack.