Nestle India shares down almost 2% after earnings disappoint
FMCG major Nestle’s shares fell after the news of a decline in their net profit
Mumbai: Shares of FMCG major Nestle India fell by almost 2 per cent after the company posted a 7.14 per cent decline in net profit for the quarter ended March 31, 2014. Nestle's stock ended the day 1.94 per cent lower at Rs 4,757 on BSE. It fell by 2.46 per cent to Rs 4,732 intra-day.
On NSE, the stock lost 1.94 per cent to end at Rs 4,779. "Disappointing results, yet again top line miss," said Pritesh Chheda, Research Analyst, Emkay Global Financial Services. Nestle India had yesterday reported a 7.14 per cent decline in net profit to Rs 259.16 crore in the quarter ended March 31. The company had posted a profit of Rs 279.09 crore in the January-March quarter a year earlier. Net sales rose to Rs 2,313.46 crore from Rs 2,248.08 crore in the same period of the previous year, Nestle India had said in a BSE filing.