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Shares in Renault plummet by 20 per cent following police raids

Time 6 years ago

SHARES in Renault plunged by 20 per cent yesterday after details emerged of police raids on several of the French carmaker’s factories, according to new reports. 

A spokesman for the CGT Renault union said the raids were ‘linked to the consequences of the Volkswagen rigged-engines affair’.

They added: ‘Agents from the anti-fraud unit DGCCRF intervened in various Renault sites last Thursday.’

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However, French police would not confirm reports that the raids were linked to vehicle emissions.

Renault said it was ‘co-operating fully’ with the probe and that ‘no evidence of a defeat device equipping Renault vehicles’ had been found.

The share price regained slightly later, eventually ending the day approximately 10 per cent lower, according to the Press Association.

MORE: Lack of defeat devices is good news for us, says Renault

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