Nestle Announces That It Will Be Destroying Maggi Products Worth Rs. 320 Crore!

For a while, we’ve all been wondering what the Maggi saga is going to cost Nestle. We now have an answer – Nestle has announced that it will be destroying Maggi products worth $50 million, or in desi speak Rs. 320 crore.

Despite Nestle’s repeated claims that the noodles are safe, the company has withdrawn its products of shelves across India. On Monday, in a statement to stock exchanges, Nestle announced that it estimated that the products that have been taken of the shelves are worth Rs 210 crore. Additionally, Maggi noodles products in distribution warehouses and factories across the country were estimated to be worth Rs. 110 crore. Nestle further added that it will be destroying this entire stock.

Meanwhile, Nestle’s global CEO, Paul Bulcke has promised to return Maggi to the shelves after personally seeing laboratory test results. Until then, looking at these numbers, we can only wonder about the effect that the Maggi saga will have on Nestle’s economy and stocks.