PARIS: Shares in the French tyre maker Michelin fell by more than 3.0 percent in early Paris trading on Tuesday after it posted a sharp drop in first quarter sales a day earlier.
Michelin's stock then recovered somewhat but was still down by 2.18 percent at 58.69 euros in morning trades, while the CAC 40 index of leading French shares was 0.98 percent higher overall.
On Monday, Michelin said that its sales had fallen by an annualised 8.1 percent to 4.88 billion euros ($6.37 billion) in the first three months of the year, with the slump in Europe an even heavier 11 percent.
The group reaffirmed its full-year outlook for an essentially unchanged operating profit before exceptional items, against a backdrop of stagnating European economic activity and weak markets that have prompted many auto manufacturers to cut back on production.
The euro's relative strength against the dollar and other major currencies has also hurt Michelin's sales by making its products more expensive.
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