Frankfurt: Shares in the German-US car giant DaimlerChrysler were sharply lower on the Frankfurt stock exchange on Wednesday amid speculation that the head of the troubled Chrysler arm was about to be removed, traders said. DaimlerChrysler shares hit an intrady low of 52.36 euros in the early session on Wednesday, a decline of 2.34 euros or 4.28 per cent from the closing price on Tuesday. The shares subsequently made good some of their losses to show a decline of 2.83 percent at 53.15 euros.Investors were concerned that reports that Chrysler Chief James Holden was about to leave the company signalled that the earnings situation at the US arm had not improved, traders said. On Tuesday, sources close to the company had told AFP that DaimlerChrysler's supervisory board was scheduled to meet on Friday to decide the fate of Holden. Press reports had said that he would be replaced by German Dieter Zetsche, currently the board member in charge of commercial vehicles, a slap in the face for the Americans.
Investors concerns were also fuelled by a report in the US daily Detroit News which said that Chrysler's financial difficulties were worse than expected.
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