European shares hit 13-month low, Renault slumps on emissions probe

jueves 14 de enero de 2016 11:33 GYT

* FTSEurofirst 300 index falls 2.2 pct

* Renault leads automobile sector down

* Tesco up on better-than-expected results (Updates with prices, details)

By Atul Prakash and Danilo Masoni

LONDON/MILAN, Jan 14 (Reuters) - European equities slumped to a 13-month trough on Thursday, with the automobile sector leading the market lower as Renault tumbled following inspections at three of its sites in an emissions probe.

The pan-European FTSEurofirst 300 index was down 2.2 percent at 1,324.70 points by 1514 GMT after falling as far as 1,309.74, its lowest level since December 2014.

Shares in the French carmaker were down 10 percent, the biggest decliner in the index, after falling as much as 20 percent earlier in the day. That wiped billions of dollars off its market value, in an echo of the scandal engulfing German rival Volkswagen.

"It was almost inevitable that someone else would fall under the eye of investigators, it's just surprising it has taken this long," IG analyst Chris Beauchamp said.

"There might be a small bounce in Renault in coming days, but as with Volkswagen, the investment case seems to have disappeared for now."   Continuación...