According to Grizzly - which makes money from price drops in companies it finds problems with through short positions - there is much evidence that the Russian army is one of Pirelli's major customers in occupied parts of Ukraine and a significant source of income for the Italian company.
Pirelli should sell its assets in the area and take the financial hit, according to Grizzly.
Pirelli strongly denies selling tires to the Russian army and describes Grizzly's information as incorrect.
Initially, Pirelli's stock fell by 13 percent when the Milan Stock Exchange opened, the biggest decline since 2020. After a partial recovery, the decline was reduced to just over 4 percent by 10 a.m. on Thursday.
