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European car makers drop after Renault fraud investigation

Reuters - UK Focus

LONDON, Jan 14 (Reuters) - Shares (Berlin: DI6.BE - news) in European carmakers touched their lowest levels since October after a union official said Renault (Xetra: 893113 - news) 's offices were searched last week regarding a fraud investigation possibly linked to emissions.

Shares in Renault were down 20 percent, recording its worst day since Nov. 17, 1994 and wiping some 5 billion euros from its market capitalisation.

Other carmakers came under pressure, with Fiat Chrysler down 10 percent after being briefly suspended, and Peugeot (Other OTC: PUGOF - news) down 8.10 percent.

In all, the STOXX 600 Autos and Parts Index was down 5.9 percent, having touched its lowest levels since October. (Reporting by Alistair Smout; Editing by Sudip Kar-Gupta)