Shares of Nestle India experienced a significant decline on Thursday following allegations from a Swiss-based organization accusing the multinational food company of adding sugar to infant food products. At 2:45 PM, Nestle India shares were down 3.6% at Rs 2,454, with an intraday low of Rs 2,410.
The allegations surfaced after an investigation by Public Eye, a Swiss investigative organization, which revealed that Nestle's baby food product Cerelac contained an average of nearly 3 grams of sugar per serving in India, despite stringent guidelines by the World Health Organization (WHO) banning added sugars in such products.
According to government sources, India's food regulator, the Food Safety and Standards Authority of India (FSSAI), is examining the report and will present it before the scientific panel for further evaluation.
In response to these allegations, Nestle India defended the nutritional quality and safety of its products, emphasizing its commitment to using high-quality ingredients and reducing added sugars by up to 30% in its infant cereals portfolio over the past five years. However, the report by Public Eye alleges that Nestle may be favouring higher-income countries by offering baby food products with no added sugar, while products in low- and middle-income countries contain significant amounts of added sugar.
The controversy has raised concerns among health experts and regulatory authorities about the potential health implications of increased sugar consumption, particularly in regions where rates of obesity, diabetes, and hypertension are already high.
This story is from the April 19, 2024 edition of The Business Guardian.
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This story is from the April 19, 2024 edition of The Business Guardian.
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