Volkswagen and Stellantis might turn out to be bigger victims of China’s investigation into European liquor than Rémy Cointreau and Pernod Ricard.

Beijing has launched an antidumping probe into brandy imported from the European Union. The idea that France is dumping cognac on China might seem laughable, but that didn’t stop investors from dumping cognac stocks on Friday. Shares in Rémy Cointreau, the company behind Rémy Martin, fell 15% in morning trading, while those of the larger Pernod Ricard, which makes Martell, were down 5%.