Carrefour shares plunge on reports of fine over franchise management

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.