Premier French carmaker Renault SA has announced that a number of its offices have been raided by authorities, resulting in the company's shares taking a deep 20 percent slide in the stock market on Thursday, according to TIME. The news of the raid and its subsequent effects on the carmaker's shares echo the underlying effects of the massive emissions scandal that drove Renault's German rival, and the world's former largest automaker, Volkswagen into a disastrous year.
Responding to the investigations, the French carmaker has stated that the investigations have found "no evidence of a defeat device equipping Renault vehicles," referring to the illegal software found in Volkswagen vehicles which are designed to cheat emissions tests, reports The New York Post.
So far, 25 vehicles from Renault are currently under investigation by a government-mandated independent commission. As of writing, however, none of the vehicles have showed any indication of being equipped with an emissions-cheating device.
With the plunge in its stocks, Renault saw more than $5 billion of its worth wiped from its market capitalization. Despite the drop being the company's biggest slump since Renault was first listed in the stock exchange, the carmaker bounced back, ending the day with an 8.7 percent drop in shares, according to Just Auto News.
Renault has stated that it is cooperating fully with the investigators, and that the company will issue an official statement soon.
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