Volkswagen loses $16.9 billion in market value after rigging claims, stock falls to three year low
Volkswagen loses $16.9 bn in market value after rigging claims
BERLIN: Around 15 billion euros ($16.9 billion) was wiped off the market value of Volkswagen AG on Monday following revelations that the German carmaker rigged US emissions tests for about 500,000 diesel cars.
By midday trading in Frankfurt, Volkswagen's share price was 19.3 per cent lower at a three-year low of 130.20 euros. Its dramatic fall weighed heavily on Germany's main stock index, the DAX, which underperformed its peers in Europe with a 0.6 per cent decline.
By midday trading in Frankfurt, Volkswagen's share price was 19.3 per cent lower at a three-year low of 130.20 euros. Its dramatic fall weighed heavily on Germany's main stock index, the DAX, which underperformed its peers in Europe with a 0.6 per cent decline.
READ ALSO: Volkswagen faces $18 billion in fines for pollution in US
Volkswagen's market woes Monday follow a weekend that saw the company's reputation for probity seriously damaged by revelations from the Environmental Protection Agency in the US that it had skirted clean air rules. All told, the EPA indicated that VW faces fines that could run up to more than $18 billion.
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