Renault shares down over 8% after CEO arrested in Nissan scandal

Breaking News November 20, 2018 07:21

By Agence France-Presse

Shares in French automaker Renault fell more than eight percent in Paris on Monday after CEO Carlos Ghosn was arrested over allegations of financial misconduct as chairman of Japan's Nissan.

Renault shares fell over 12 percent in morning trading on the news before recovering slightly to end down 8.43 percent at 59.06 euros.

Nissan, Renault's long-term partner, said it would ask its board to remove Ghosn as chairman after an inquiry uncovered "significant acts of misconduct," including reporting less than he was earning in Japan and using company assets for personal purposes.

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