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Shares in Italy's CNH down 6.2% after Nikola founder steps down

Published 09/21/2020, 05:20 AM
Updated 09/21/2020, 05:25 AM
© Reuters. The truck and tractor maker CNH Industrial NV releases Q4 and FY results

MILANO (Reuters) - Italy's CNH (MI:CNHI) was one of the top losers on Milan's bourse on Monday, its shares down over 6% in early trade, after the founder of U.S. electric truck maker Nikola Corp 's (O:NKLA) stepped down as executive chairman, a trader said.

"The news of Nikola's Trevor Milton stepping down is bringing (CNH) stock down," a Milan-based trader told Reuters.

CNH Industrial (NYSE:CNHI) owns 7.1% of Nikola Corp.'s share capital.

© Reuters. The truck and tractor maker CNH Industrial NV releases Q4 and FY results

Nikola said on Sunday Milton was leaving as the company is battling allegations from a short-seller that it misled investors and automakers. The group rejected the accusations and threatened to take legal action.

Latest comments

Trevor is a criminal.
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