Renault shares tank after anti-fraud raids
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Shares in Renault have dived after anti-fraud units conducted raids on the carmaker that unions are reportedly linking to the Volkswagen emissions scandal.
French media reports said the CGT Renault union released a tract Thursday describing raids on multiple sites focusing on engine monitoring that suggested a Volkswagen link.
Soon afterward, the Renault share price sank 22 percent before rallying slightly. It was trading at 69.70 euros in early afternoon. Peugeot shares also fell.
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An official with the French Finance Ministry's anti-fraud unit confirmed it had conducted raids on Renault last week but would not elaborate on why. The official was not authorized to be publicly named.