Pirelli Shares Recover After Denying Short Seller Report
The Italian tyre maker rejected allegations from Grizzly Research regarding its business in Russia and potential links to military demand. Shares stabilized after an initial drop of thirteen percent as the company threatened legal action over the claims.
Insights:
Pirelli shares recovered most of their midday losses after the tyre maker denied a short-seller report alleging undisclosed profits from Russia. The stock rebounded from a 13.4% drop at the Milan open to trade down 0.8% by midday. Investors are weighing the reputational and regulatory risks of the company’s continued footprint in the Russian market.
