Carrefour is facing pressure from its largest investors, Colony Capital and billionaire Bernard Arnault, to sell its operations in Asia and Latin America.

The call follows a drop of close to 30% in the value of Carrefour stock since the shareholders came on board in 2007.

A source close to the board denied any plan to exit the markets and said that the group would prove its market credibility by recovery, not by selling operations. “Why dismantle Carrefour to raise money which we do not need?”, they added.