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Renault shares plunge after anti-fraud raids

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Photo: AFP
13:15 CET+01:00
Shares in carmaker Renault suffered a meltdown on the Paris stock exchange on Thursday after raids by anti-fraud detectives on the company, possibly to investigate emissions foul play.
At around 11.30am, Renault shares were down over 20 percent at €69.02, 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.
 
Renault confirmed the raids later on Thursday.
   

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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.

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