Unilever shares fall as sales hit by new notes issue in India

Shares in consumer goods giant Unilever reported lower-than-expected fourth-quarter sales, blaming the Indian government’s withdrawal of high-value notes and a weak economy in Brazil.

The maker of Dove soap and Knorr soup said those issues would continue to hurt results in the first part of the new year, helping to push the company’s shares down 4.5%, its worst day in nearly a year.

The company said underlying sales rose 2.2% in the quarter. That compared with analysts’ average expectation of 2.8%.