The Market breadth, indicating the overall strength of the market, was negative as 1,352 shares advanced, against a decline of 1,379 shares, while 200 shares remained unchanged.

As the basic law and rates settle down, authorities are bracing for the next round - legal challenges from businesses.

The Indian packaged food market is expected to be worth $270 billion by 2027, driven by often contradictory trends in different parts of the country.

The home-grown brands have leveraged their strengths toemerge with a pan-India taste and a global appetite.

Food start-ups in India are tapping niche markets to create a strong identity.

In line with benchmark indices the broader markets also settled in red, with mid cap and small cap indices falling as much as 1.03 per cent and 0.58 per cent, respectively.

At 9:25 hours, the BSE Sensex was trading 67.22 points lower at 35,824.30, and the NSE Nifty was at 10,755.60, down by 36.9 points.

The m-cap of the BSE-listed companies slumped by Rs 7,25,401.31 crore to Rs 1,44,48,465.69 crore this year.

The HUL stock rose up to Rs 1.15% to Rs 1,811.90 against the previous close of 1791.15  on the BSE. The stock has gained 32.85% during the last one year and risen 31.53% since the beginning of this year.

According to HUL, National Anti Profiteering Authority made a narrow interpretation of the law and did not take into account well established industry practice backed by law.