New Delhi, Oct. 14 -- French tyre maker Michelin saw its shares tumble 11% to €25.53 shortly after the European market opened on Tuesday, October 14, marking the steepest intraday drop in recent years. The decline followed a guidance cut by the company, which cited worsening market conditions and a sharp fall in North American sales.

The French company now expects 2025 segment operating income in a range between €2.6 billion and €3 billion at constant exchange rates, down from a previous target of more than €3.4 billion.

Despite year-on-year volume growth in the third quarter, the company said its results had been dragged down by the North American business, where sales fell by close to 10%, with competitiveness ...