Nestle India Drops Most in 9 Years on Reports of Tainted Noodles
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Nestle India Ltd. tumbled the most in nine years on reports alleging its Maggi noodles may contain high levels of lead and chemicals.
The controversy erupted when authorities in Uttar Pradesh state said they found high levels of the heavy metal in some batches of the noodles in April. Now, that has spread to the rest of the country. Officials in at least six states have ordered independent testing of the products, while Kerala told its state-run outlets to temporarily stop selling the food, the Press Trust of India reported yesterday.