Pirelli drops after Grizzly discloses short, flags Russia exposure

Pirelli & C.

04/06/2026 08:13

** Shares in Italy's Pirelli PIRC.MI fall around 5% after U.S. short-seller Grizzly Research disclosed a short position in the tyre maker
** Grizzly says Russian filings imply around 10% of Pirelli's net profit comes from operations in the country, in contrast to Pirelli attributing only 6% of its revenues to Russia, Middle East, Africa and India combined
** "We suspect this growth in the Russian business may be driven by demand from the Russian invasion of Ukraine," the fund says in the report
** Pirelli was not immediately available for comment  

 (Enrico Sciacovelli)
 ((Enrico.sciacovelli@thomsonreuters.com))