Dhaka, Oct. 26 -- Mercedes-Benz said on Wednesday it would withdraw from the Russian market and sell shares in its industrial and financial services subsidiaries to a local investor, becoming the latest carmaker to exit the country.

Japan's Nissan this month took a $687 million loss in handing over its business in Russia to a state-owned entity for one euro, mirroring an earlier move by Renault which sold its majority stake in Russia's Avtovaz for one rouble.

Mercedes-Benz Russia said shares in the local subsidiaries would be sold to car dealer chain Avtodom, reports Reuters.

Mercedes Chief Financial Officer Harald Wilhelm, while presenting third-quarter results, said the transaction was not expected to give rise to any further signifi...