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Nestle India shares dive after company report decline
FMCG major Nestle India yesterday reported a decline of 8.66 per cent in its standalone net profit .
New Delhi: Shares of Nestle India today fell by 3.5 per cent after the company reported a decline of 8.66 per cent in standalone net profit for the fourth quarter ended December 2016.
The stock slipped 3.5 per cent to Rs 5,957.20 on BSE. At NSE, shares of the company dipped 3.35 per cent to Rs 5,962.35. FMCG major Nestle India yesterday reported a decline of 8.66 per cent in its standalone net profit to Rs 167.31 crore for the quarter ended December 2016, hit by higher tax expense and demonetisation that impacted its domestic sales.
The company, which follows January-December financial year, had posted a net profit of Rs 183.19 crore during the October-December quarter last fiscal. However, net sales of the company during the quarter under review were up 16.17 per cent to Rs 2,261.28 crore as against Rs 1,946.44 crore in the corresponding quarter last fiscal, Nestle said in a BSE filing.
