Shares of Nestle India fell by 2.02%, losing ₹47.05 to trade at ₹2,280.10 on the NSE as of 10:18 AM on October 24, 2024. This decline in the stock price has resulted in a significant market cap loss for the company.
UBS has maintained its neutral rating on Nestle, setting a share price target of ₹2,650, implying a 13.6% upside from the current market price (CMP) of ₹2,332.15. UBS remains cautious about Nestle due to increased competition in India’s instant noodle market and shifting category dynamics.
Market Cap Details:
- Previous Market Cap: ₹2,24,465 crore (approx.)
- Current Market Cap: ₹2,19,837 crore
- Market Cap Loss: ₹4,628 crore
Stock price details:
- Open: ₹2,339.00
- High: ₹2,340.00
- Low: ₹2,278.70
- Previous Close: ₹2,327.15
Analysis:
Nestle India shares have been impacted following the company’s Q2 earnings report, where growth numbers did not meet the market’s expectations. Despite a stable performance in the packaged foods sector, rising costs and cautious market sentiment have weighed on the stock.
Investors will be keeping a close eye on the company’s future earnings and strategic responses to market challenges to assess whether the stock can recover its lost value.
