French carmaker PSA Group sees drop in shares over diesel fraud report

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Shares in French carmaker PSA Group saw a sharp decline on Friday after a report was released saying as many as 1.9 million Peugeot and Citroen cars may have had their engines designed to trick diesel emissions tests.

Le Monde newspaper said the company could face fines of up to €5 billion ($6 million Canadian dollars) for allegedly programming engines to vary their emissions levels when being tested.

After the report was released, the company saw a four per cent drop in shares.

PSA has denied all wrongdoing and threatened to file a complaint over the report.

In a statement, the carmaker said it complies with all regulations and “its vehicles have never been equipped with software or systems” allowing it to deceive testing.

The report alleges 1.9 million Peugeot and Citroen cars made between 2009 and 2015 were affected.

Read more at CTV News

This article is summarized by Canadian Fraud News Inc.