Business

Renault stock plunges 20% after unions report anti-fraud raids

Shares in carmaker Renault suffered a meltdown on the Paris stock exchange on Thursday after unions reported raids by anti-fraud detectives on the company, possibly to investigate emissions foul play.

At around 1130 GMT, Renault shares were down over 20 percent at 69.02 euros, while rival carmaker Peugeot’s stock also fell sharply, by seven percent to 13.70.

Earlier, unions reported that French anti-fraud detectives have raided several production sites of Renault, possibly to investigate emissions foul play.

“Agents from the (anti-fraud unit) DGCCRF intervened in various Renault sites last Thursday,” the CGT Renault union said in a tract.

The probe targeted the sites’ engine control units which suggests, the union said, that the raids “are linked to the consequences of the Volkswagen rigged-engines affair”.

Detectives took several personal computers belonging to Renault managers, the unions said.

Comments

comments

Copyright © 2016 ARYNEWS.tv

To Top