Stock market, day of suffering for Fiat awaiting data on registrations

A day of suffering for Fiat in Piazza Affari. At around 15pm, Lingotto shares were down 45%, probably due to expectations for August car registration data in Italy, which will be released today at 3,7pm. Citigroup also cut the company's rating to hold from buy and lowered the target price to 18 euros from 4,5 euros. Another factor of uncertainty for the Turin house is represented by the news of the departure of Andrea Formica, now former European sales manager for the Fiat, Lancia, Alfa Romeo and Jeep brands. Formica had held the position for just under a year and would have discounted the poor sales performance recorded during the period. He will be replaced by Lorenzo Sistino, whose appointment will be made official during the meeting of the Group Executive Council. Meanwhile, according to various rumors, some investment banks are trying to convince Fiat to list Ferrari on the Hong Kong Stock Exchange. The operation should include a 8,4 billion dollar (6,3 billion euro) IPO, a figure that would allow Lingotto to reduce its debt.