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

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

MILANO (Reuters) – Italy’s CNH <CNHI.MI> 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 <NKLA.O> 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 owns 7.1% of Nikola Corp.’s share capital.

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.

(Reporting by Giancarlo Navach, editing by Giulia Segreti)

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