Paris - French shares were down sharply in early trading on Monday following panic sell-offs on several Asian markets overnight.

At mid-morning, the CAC 40 index had lost 5.45 per cent, to 3,019.87, with 39 of its 40 listed stocks on the down side.

The bank Societe Generale was the biggest loser, off by 10.73 per cent, to 40.17 euros, while car maker Renault, which is drastically cutting back production, lost 7.88 per cent, to 20.45 euros.

Aerospace group EADS was the only issue advancing, up by 3.09 per cent, to 11.36 euros, because investors saw its prospects improving as the euro continues to slide against the dollar. (dpa)