India's Britannia falls after food authority issues notice

Britannia Industries

21/11/2024 05:56

** Shares of consumer goods maker Britannia Industries  BRIT.NS 
fall 1.9% to 4,798.5 rupees, their lowest level since early-May
    ** BRIT top loser on Nifty FMCG index  .NIFTYFMCG , which is
down 0.5%
** Co on Tuesday said the Food Safety and Standards Authority of
India (FSSAI) issued a notice over the use of a preservative in
one of the batches of its product
    ** Co did not disclose which product was flagged by FSSAI,
but says it expects no material impact on financials or
operations
    ** More than 448,000 shares change hands, 1.1x its 30-day
avg
    ** Avg rating of 33 analysts is a "hold"; median PT at 5,435
rupees - LSEG data
    ** BRIT is down 16% this month, on track for its worst month
since June 2006
     

(Reporting by Ashna Teresa Britto in Bengaluru)
((AshnaTeresa.Britto@thomsonreuters.com ; +91 8078332441))