Renault stock drops 20% amid fraud suspicion
Shares in the French automotive group Renault have dropped by around 20% on Paris stock exchange on Thursday morning.
The drop happened after trade union CGT sources said several sites of the firm have been searched last week in the Ile de France region, regarding a possible fraud investigation linked to gas emissions.
The share price drop marked Renault’s worst day on the Paris stock exchange since 17 November 1994.
Renault’s management confirmed the searches for fraud on its sites but said the investigation was to confirm the results of the tests led on its cars by the French government.