Renault Quarterly Sales Decline on Emerging-Markets Plunge
- Currency drops in Russia, Brazil, Turkey add to challenges
- Shares touch lowest in 3 years as China industry outlook cut
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Renault SA reported a bigger drop in third-quarter sales than analysts expected, as turmoil in emerging markets from Turkey to Iran cut into business and currencies faltered in several key countries.
The shares fell to the lowest in more than three years after the French carmaker said demand weakened in Turkey, Argentina and India, compounded by a pullout of Iran. Currency declines added to the carnage, including in Brazil and Russia. The company also cut its market outlook for China, where a slowing economy is dragging down car sales and Renault recently upped its presence.