Nestle India shares fall 2%

Shares of Nestle India on Thursday ended 2 per cent lower on the exchanges after the FMCG major's June quarter results failed to cheer investors.

The stock fell 2.08 per cent to close at Rs 22,329.40 apiece on the BSE. During the day, it hit an intra-day low of Rs 22,081.75 per scrip.

On the NSE, it declined 2.03 per cent to settle at Rs 22,338 apiece.

Read | Nestle's India business beats profit estimates on higher prices, demand

On Thursday, the 30-share BSE Sensex closed 440.38 points or 0.66 per cent lower at 66,266.82 points while Nifty tanked 118.40 points to finish at 19,659.90 points.

Nestle India Ltd on Thursday reported an increase of 36.86 per cent in its net profit at Rs 698.34 crore for the second quarter ended June 30, 2023.

The company, which follows the January-December financial year, had posted a net profit of Rs 510.24 crore in the same period a year ago, Nestle India said in a regulatory filing.

Nestle India's net sales rose 15.02 per cent to Rs 4,619.50 crore during the period under review, as against Rs 4,015.98 crore in the corresponding period last fiscal, the company said.

Total expenses in the April-June quarter were at Rs 3,743.15 crore, up 11.07 per cent, as against Rs 3,369.81 crore in the corresponding period a year ago.

Nestle India's domestic sales were up 14.6 per cent to Rs 4,420.77 crore, as against Rs 3,857.56 crore in the June quarter of 2022.