Fiat Chrysler shares tank on EPA cheating accusations

Fiat Chrysler Automobiles' shares dropped drastically Thursday after the U.S. Environmental Protection Agency brought on cheating accusations.

The EPA claims Fiat Chrysler used hidden software allowing significant excess diesel emissions in some 104,000 U.S. trucks and SUVs sold since 2014.

Fiat Chrysler CEO Sergio Marchionne denied the charges.

"We have done nothing that is illegal," he said. "There was never any intent of creating conditions that were designed to defeat the testing process. This is absolute nonsense."

Shares in the United States dropped 12 percent, while those on the Milan Stock Exchange fell 16 percent.

Read more from Reuters.