BREAKING – Renault shares drop on emissions scandal raids

BREAKING – Renault shares drop on emissions scandal raids

Shares in French car maker Renault (EPA:RNO) have dropped nearly 20 percent this morning after its offices were raided by a fraud team earlier today.

French anti-fraud police have reportedly entered several production sites, with the intention of analysing the cars inside. Rumours are abound that engines are being tested for software that cheats emissions tests, in a link to the Volkswagen emissions scandal.

Local unions also claim that several of the directors’ computers have been seized. Shares have fallen 19.54 percent on the news, currently trading at 69.70 pence per share. (1147GMT)

14/01/2016