Carrefour shares plunge on reports of fine over franchise management

18th Jun 2024 10:04

(Sharecast News) - Shares of French supermarket giant Carrefour fell sharply on Tuesday, following reports from French media indicating that the economic and finance ministry had recommended a substantial fine against the company for its franchise network management.

According to Reuters, the report from the daily newspaper La Lettre, included a 160-page subpoena suggesting a fine of €200m (£169.05m).

Neither Carrefour nor the Ministère de l'Économie had commented on the reports.

At 1053 CEST (0953 BST), shares in Carrefour were down 7.91% in Paris at €13.39, making for their lowest level since at least November 2020.

Reporting by Josh White for Sharecast.com.