Nissan Shares Fall On Renault's Probable Stake Sale Report

Shares of the Japanese automaker Nissan Motor Co Ltd NSANY slid about 5% on Tokyo Stock Exchange, its biggest fall in one month after reports of Renault SA RNLSY exploring a stake sale, Reuters reported.
Last week, Bloomberg reported that Renault might consider lowering its Nissan shareholding as part of plans to separate its electric vehicle business.
Nissan’s French partner is considering all options to detach its electric vehicle business to race up against rivals.
The report noted Renault also put forth a possible public listing of the electric vehicle business in the second half of 2023.
Nissan and Renault’s alliance of more than two decades was marred by the ouster of the alliance’s founder, Carlos Ghosn, in 2018 in a financial scandal.
Price Action: NSANY shares closed lower by 3.11% at $8.10 on Friday.
Picture by Ramon Costa via pxhere