Nestle shares were down 1.3 per cent at 12.36pm GMT , after hitting a session low shortly after the news. The statement was unusual for the maker of Maggi bouillon and Nescafe coffee, which has for decades continued to operate in war zones around the world.
In the days leading up to his comments, Nestle had already been fielding online criticism from shoppers, activists, investors and political figures. Western companies that maintain a presence in Russia to provide essential goods such as food and medicine have been trying to strike a balance between President Vladimir Putin’s government and advocates for Ukraine pulling them in opposite directions.
"There's a history of protesting against Nestle," said Jaideep Prabhu, a professor of marketing at the University of Cambridge's Judge Business School.