Nestle India's Stock Plummets Amid Profit Decline

Nestle India Ltd's shares fell over 3% following a reported net profit decline of 0.94% for the September 2024 quarter, attributed to high commodity prices and weaker consumer demand. Despite a slight revenue increase, the stock was the BSE Sensex's biggest laggard, losing a significant market valuation.

Shares of FMCG giant Nestle India Ltd fell more than 3% on Thursday after the company announced a net profit decline of 0.94% for the quarter ending September 2024.

The stock closed at Rs 2,379.70 on the BSE, down 3.35%, following an intraday low of Rs 2,364.80. On NSE, shares slipped 3.43% to Rs 2,377.65, marking it as the biggest laggard among BSE Sensex constituents.

Nestle India's market cap dropped by Rs 7,959.11 crore to Rs 2,29,440.48 crore. Despite a 1.3% increase in revenue to Rs 5,074.76 crore, net profit was impacted by high commodity prices and weaker demand. Total expenses for the quarter rose by 3.42%.

(With inputs from agencies.)