Billions wiped off Renault’s market value as French police raid factories

French police and fraud investigators have raided three Renault sites in search of vehicle technology that was used by Volkswagen to cheat emissions tests. The car maker said authorities found no evidence of the devices but the news of the inspections saw billions wiped off its market value. The company did though recover from a 22% fall in share price. Recent test results revealed that emissions exceeded limits on vehicles made by Renault and by some other car makers.