Carrefour drops to lowest in over 3 years on media report of record fine
** Shares in supermarket group Carrefour CARR.PA fall nearly 7% after a press report that the French finance ministry recommended a "record" fine for management of its franchise network
** La Lettre published a 160-page subpoena that charged Carrefour, recommending a fine of 200 million euros ($214.60 million)
** Bernstein says the move is "over-done as it assumes 20% of French profit is wiped out permanently"
** "We think this court case pertains to a very small number of franchisees ... and only 200 members of the more than 2000 franchisees," Bernstein says
** Bernstein adds it is also not clear if the changes to the contracts would erode Carrefour's profitability to the tune of 200 million euros per year
** The stock hits its lowest price since November 2020 and sits at the bottom of France's blue-chip CAC 40 .FCHI index
($1 = 0.9320 euros)
Reporting by Dagmarah Mackos and Diana Mandia
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