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Fears of scandal emissions Renault wipes 5 billion automaker titles.
Renault fears could face its own emissions similar scandal dieselgate Volkswagen drove down shares in French carmaker as much as 20pc.
Reports in France that fraud detectives last week raided several sites the company sent shares plunging 86 7 6-69 in early trading Thursday, erasing almost 5 billion market value of the company its worst trading day over 20 years.
However, the company's shares later recovered some losses and were off 9 4pc in the treatment of the afternoon.
The agents of the anti-fraud unit DGCCRF intervened in various locations Renault last Thursday, the CGT union said Renault.
The authorities have targeted websites engine control units, hinting that the raids could be linked to emissions of Renault vehicles.
The union said that the raids are related to the consequences of the case rigged Volkswagen engines, and added that the computers of several managers have been abducted by detectives.
The union said it had been told about the raids by the production staff on the shop floor and on Wednesday asked the managers of the company who own 20pc by the French government to give them the details visit detectives.
Yesterday we were questioning management about this but received no response, said Franck Daout, a representative of the CFDT union, told AFP.
Renault issued a statement saying that the fraud investigators were looking for the way it uses the technology of exhaust gases in an extra sensor parts and factories which follows an earlier investigation by the French government.
The company added the investigations so far found no evidence of a defeat device fitted to Renault vehicles.
share price Renault today dieselgate The specter of scandal spread beyond VW to another automaker has been the source of intense speculation since the German automaker has recognized the mounting failure-up devices, allowing vehicles to cheat pollution controls testing in its cars.
VW has since admitted 11m cars in the world are affected and the scandal wiped logs off the value of the company The company also posted its first loss in more than a decade when he posted his most recent results at paragraph 6 7bn had to account for the anticipated cost of conduct scandal in the red.
However, analysts believe that the real cost could be more than 30 billion US authorities have filed charges against the company in a deal that could see costs skyrocket.
Asked Wednesday by MPs about the scandal dieselgate and the prospect of other manufacturers who used similar practices to meet the regulation of pollution, Mike Hawes, CEO of the Society of Automobile Manufacturers and Traders said that thought it was unlikely.
On the evidence we have seen no other manufacturers have installed these devices, M. Hawes told MPs on the Environment, Food and Rural Affairs for the Committee, which investigates the air quality.
Renault announced last month that it would invest 50m to bring emissions from its vehicles when driven in real-world conditions in line with those measured in the official test conditions.
According to its latest annual report, Renault is the fourth world's largest automaker, selling 2 vehicles 7 million worldwide in 2014, generating revenues of 41 billion and profit of 1 1 billion Most of company sales are in Europe - some 54pc - and its most popular car duster, making it under its Dacia brand, which achieved sales of 395,530 in the year in the world of business has 117,400 staff .
Renault is in an alliance with Nissan, with a complex ownership structure means that the Japanese manufacturer has 15pc of Renault, and Renault Nissan 43 4pc The arrangement has encountered difficulties recently that Paris tried to tighten its grip on the automotive industry.
In order to protect French jobs, there were concerns that the government might try to nationalize Renault and go home production, the creation of 7,000 jobs in the UK at risk, however, a truce was to agree with each company agreeing to limit its interference in other operations.
Fears that the scandal could spread emissions hit other shares of carmakers, with Peugeot down 8pc and with Milan-listed Fiat Chrysler temporarily suspended after almost 10pc fall However, traders have attributed much of the decline Fiat shares to a report on a legal claim against the company alleging that it falsified sales data.
Arndt Ellinghorst, head of automotive at Evercore, told The whole sector is under pressure and we are in a full risk environment now, not only in the automotive sector, but in all the actions we Fiat tumble seen a report today on the sales figures and it is not surprising to see the reaction to the new Renault uncertainty leads investors to pull the trigger and get out.
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