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Renault shares down after company suspends Moscow plant -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The Renault Megane E-Tech 100 Electric car was displayed in Aubervilliers, France just before the 2021 Munich Motor Show. It took place on September 2, 2021. REUTERS/Eric Gaillard

PARIS (Reuters), – Shares in French Carmaker Renault The stock (PA) dropped in early trading Thursday morning after the company said it had suspended operations at its Moscow plant.

Renault shares fell by around 2 percent at 0811 GMT. This made Renault the largest loser in France’s blue-chip index.

Renault, the Western carmaker with the most exposure to Russia, stated that it was looking at options regarding its minority stake in Avtovaz Russia’s No. 1 carmaker.

Volodymyr Zeleskiy, President of Ukraine, accused Renault on Wednesday of financing war. Later in the day, Renault was welcomed by the foreign minister.

JP Morgan analysts stated that the strategic decision will attract investors to Renault’s core operations which were largely restructured during the last years.

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