Brands
Nestle India pegs Maggi stock at Rs 320 crore
MUMBAI: Nestle India has pegged the stock of its embroiled-in-controversy Maggi brand to be in the region of approximately Rs 320 crore.
The company has said that Maggi noodles stock worth Rs 210 crore was being withdrawn from the Indian market and destroyed. Additionally, Rs 110 crore worth of finished and related material stocks of Maggi remained at Nestle India’s factories and distribution centres.
In a statement, the company said, “These are broad estimates because it is impossible to calculate the final figure while the withdrawal is taking place. There will be additional costs to take into account, for example bringing stock from the market, transporting the stock to the destruction points, destruction costs etc.”
Nestle India will come up with the final figure at a later date.
As was reported earlier by Indiantelevision.com, the Food Safety and Standards Authority of India (FSSAI) had ordered Nestle to withdraw Maggi noodles after some of its samples were found to contain more than permissible levels of lead.
However, even as the company withdraws the brand from the market, it moved the Bombay High Court, challenging FSSAI’s order. The court will hear the matter on 30 June.
The company added that above mentioned cost and other unforeseen costs associated with the withdrawal of Maggi noodles from across India, will be dealt with the applicable accounting standards when Nestle India will announce its financial results on the due date.
Nestle India’s stock has been nose-diving ever since the Maggi imbroglio broke out in the country. Over the last 15 days, Nestle India’s market cap has been down roughly 13.25 per cent. On 29 May, the company’s market cap stood at roughly Rs 66,113 crore as compared to approximately Rs 57354 crore today (15 June).
At the close of the day’s trade, the company stock price at Rs 5948.65 was down 2.14 per cent from its previous close of Rs 6078.80 on the Bombay Stock Exchange (BSE).
Brands
YES Bank hands the keys to SBI veteran Vinay Tonse as it bets on a new era
Former SBI managing director appointed as YES Bank’s new MD and CEO
MUMBAI: YES Bank is done rebuilding. Now it wants to grow. The private sector lender has appointed Vinay Muralidhar Tonse as managing director and chief executive officer-designate, with RBI approval secured and a start date of April 6, 2026 confirmed. The three-year term signals the bank’s intent to shift gears from crisis recovery to full-throttle expansion.
Tonse, 60, is no stranger to scale. Most recently managing director at State Bank of India, he oversaw a retail book of roughly $800bn in deposits and advances, one of the largest in the country. Before that, he ran SBI Mutual Fund from August 2020 to December 2022, a stint that saw assets under management surge from Rs 4.32 lakh crore to Rs 7.32 lakh crore across market cycles. Add stints in Singapore and four years leading SBI’s overseas operations in Osaka, and the incoming chief arrives with a genuinely global CV.
His academic grounding is equally solid: a commerce degree from St Joseph’s College of Commerce, Bengaluru, and a master’s in commerce from Bangalore University.
The appointment follows an extensive search and evaluation process by the bank’s Nomination and Remuneration Committee. NRC chairperson Nandita Gurjar said the committee unanimously backed Tonse, citing his leadership track record, governance credentials and ability to drive the bank’s next phase of transformation.
Non-executive chairman Rama Subramaniam Gandhi was unequivocal. “I am certain that Vinay Tonse, with his vast experience as a senior banker, will propel YES Bank to its next phase of growth,” Gandhi said, adding that the bank remains focused on strengthening its retail and corporate banking franchises and expanding its branch network.
Rajeev Kannan, non-executive director and senior executive at Sumitomo Mitsui Banking Corporation, the bank’s largest shareholder, said Tonse’s experience across retail, corporate banking, global markets and asset management positioned him well to lead the lender. SMBC said it looks forward to working with Tonse and the board as YES Bank pursues its ambition of becoming a top-tier private sector lender anchored in strong governance and sustainable growth.
Tonse succeeds Prashant Kumar, who took the helm in March 2020 when YES Bank was in freefall following a severe financial crisis, and spent six years painstakingly stabilising the institution, rebuilding governance and restoring operational scale. Gandhi was generous: “The bank remains indebted to Prashant Kumar, who is responsible for much of what a strong financial powerhouse YES Bank is today.”
Tonse, for his part, struck a purposeful note. “Together with the board and my colleagues, I remain deeply committed to creating long-term value for all our stakeholders,” he said, pledging to build on Kumar’s foundation guided by his personal motto: Make A Difference.
Beyond the balance sheet, Tonse played cricket at college and club level and represented Karnataka in archery at the national championships — sports he credits with teaching him teamwork, situational leadership, discipline and focus. In quieter moments, he reaches for retro Kannada music, classic Hindi songs, and the crooning of Engelbert Humperdinck, Mukesh and Kishore Kumar.
YES Bank has its steady-handed rebuilder in Kumar to thank for survival. Now it has a scale-obsessed growth banker at the wheel. The next chapter starts April 6.
