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Renault shares tank after anti-fraud raids

Renault said investigations to date had found “no evidence of a defeat device equipping Renault vehicles”, in a reference to a type of software program Volkswagen was found to have used by US investigators.

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“Agents from the (anti-fraud unit) DGCCRF intervened in various Renault sites last Thursday”, the CGT Renault union said in a tract.

Police have raided several Renault facilities, in a move understood to be in connection to the Volkswagen emissions scandal.

Renault shares plunged 16% Thursday after Agence France-Presse published a report on the probe. The engineering center is dedicated to motor development and houses some emissions testing activities, Mr. Grimaldi said.

Renault shares were down about 20 per cent by 11:40 GMT.

Renault’s stock saw some 5 billion euros wiped from its market capitalization in its worst day since they were first listed 1994, according to Reuters data.

Other carmakers came under pressure, with Fiat Chrysler down 10 percent after being briefly suspended, and Peugeot down 8.10 percent.

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Renault said it planned to issue a statement soon. France’s environmental regulator had also been monitoring vehicles to check the difference between emissions results in test and real-world situations.

Renault stock plunges after unions report anti-fraud raids