May 23, 2019 / 8:31 AM / 5 months ago

Retailer Casino's shares slump as Rallye's stock gets suspended

PARIS, May 23 (Reuters) - Shares in indebted French supermarket retailer Casino slumped on Thursday, as trading in the shares of Casino’s parent company Rallye were suspended.

Casino shares were down 6.1 percent by 0825 GMT.

A spokesman for Casino said Rallye would make a statement later on, but declined to provide further details.

Casino, which already had its credit rating cut to junk by Standard & Poor’s in March 2016, has embarked upon asset sales to reduce its debt and ease concerns over the financial position of both Casino and its parent holding company Rallye.

The shares of Finatis and Fonciere Euris , which are also companies linked to Casino chairman and chief executive Jean-Charles Naouri, were also suspended. (Reporting by Sudip Kar-Gupta and Blandine Henault; Editing by Dominique Vidalon)

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