Profit Alert Sends French Carmaker Renault's Shares Into Tailspin

French carmaker Renault saw its shares tumble 12 percent Friday after issuing a dismal financial update, extending its woes following the arrest of its former CEO Carlos Ghosn almost a year ago

Paris, (UrduPoint / Pakistan Point News - 18th Oct, 2019 ) :French carmaker Renault saw its shares tumble 12 percent Friday after issuing a dismal financial update, extending its woes following the arrest of its former CEO Carlos Ghosn almost a year ago.

The company's shares were down 12.3 percent at 48.13 Euros ($53.45) in afternoon trading, in a market down just 0.4 percent.

The fall came a day after Renault, which is struggling to recover from Ghosn's arrest in Japan on financial misconduct charges last November, lowered its sales forecast for the year.

Citing a "less favourable than expected" economic environment, the company said it expected revenues to fall three to four percent from2018 -- previously it had expected sales to be on a par with last year's level.

In the third quarter, revenues fell 1.6 percent to 11.3 billion euros.