Renault, the French automobile manufacturer, is now under the scanner for flouting the diesel emission norms in Europe. French officials have searched over three company sites to look into its vehicle emission technology. While no conclusive reports of the findings have come out, the share price of Renault has dived.
According to the French environment minister Segolene Royal, Renault engines have been found to exceed emission limits and no cheating software or defeat devices have been found. The non-adherence to the rules was found out by a German green activist group, Deustsche Umwelthilfe (DUH) when they tested the 1.6-litre dCi engine doing its duties in the Renault Espace van.
Renault says their engines comply with the EuroVI standards as per standard procedures for testing. Renault claims that the DUH test procedures varied from the European regulations and the findings of the report are subject to further measurements for conclusive evidence.
While we have to wait till conclusive reports regarding the incident come in, the market cap of the French manufacturer went down by as much as five billion euros as the share prices crashed after the reports.
