Renault's market value dips amid emissions probe

French carmaker Renault said fraud investigators had inspected three of its sites to look into vehicle emissions technology, news that wiped billions off its market value in an echo of the scandal engulfing German rival Volkswagen.

It said investigations to date had found “no evidence of a defeat device equipping Renault vehicles”, in a reference to a type of software programme Volkswagen was found to have used by US investigators to cheat emissions tests.

Renault shares fell as much as 22% after union officials first said the sites had been searched, prompting the firm to issue a statement confirming the inspections.