PARIS: A profit warning sent Renault's shares as much as 15per cent lower on Friday, capping a turbulent year for the French carmaker since the arrest of long-time boss Carlos Ghosn and adding to signs of a sharp global auto industry slowdown.
Renault said late on Thursday that sales were likely to drop between 3per cent and 4per cent this year, compared with its previous forecast for a similar outcome to 2018. It blamed difficulties in Argentina and Turkey in particular. Renault shares dropped to a six year low of 46.7 euros and at 0955 GMT were down 12.3per cent at 48.11 euros.While Renault is not alone in suffering from an auto market downturn, its capacity to react was also thrown off kilter by the Ghosn turmoil, with industrial projects planned with Nissan placed on the backburner.
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