Monde Nissin Posts Record Drop as Lucky Me! Faces Recalls
- Stock sinks more than 10% before paring loss at 7.2%
- About $340 million in Monde Nissin market value was wiped out
Photographer: Jay Directo/AFP/Getty
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Monde Nissin Corp. posted its steepest intraday loss since its shares began trading last year, following news reports that some European countries, including France, are recalling its flagship Lucky Me! noodles.
Shares in the Philippines’ largest noodle maker dropped as much as 10% in their biggest loss since it went public in May 2021, before closing 7.2% lower at 13.36 pesos. Volume was more than 137% of the three-month daily average.