Renault searched in emissions probe, says no signs of defeat device

French carmaker Renault said fraud investigators had inspected three of its sites in an emissions probe, news that wiped billions off its market value in an echo of the scandal engulfing German rival Volkswagen.
Renault said investigations to date had found "no evidence of a defeat device equipping Renault vehicles", in a reference to a type of software programme Volkswagen was found to have used by U.S. investigators.
Renault shares fell as much as 22 percent after union officials first said the sites had been searched, prompting the company to issue a statement confirming the inspections.
It said fraud investigators were looking at the way it uses exhaust emissions technology in an additional probe of parts and factories that follows an earlier investigation by the French government.