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Renault shares plunge after police raids on sites

Discussion in 'Market News' started by Lily, Jan 14, 2016.

  1. Lily

    Lily Forum Member

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    French stock market falls and almost €5bn wiped off carmaker’s market value after news of police raids at sites reportedly linked to emissions engineering

    Shares in Renault tumbled more than 20% on news that police had raided the French carmaker’s sites, reportedly in connection with the Volkswagen emissions scandal.

    Renault’s shares plunged to €69.46, wiping €5bn (£3.7bn) off the company’s market value and depressing European markets. Already down around 2% on the back of lower oil prices, the French stock market, CAC, and its German counterpart, the DAX, extended their losses to 3% after the Renault reports. Shares in other carmakers also fell, with Peugeot down 6.6%.

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