Volkswagen Drops 23% After Admitting Diesel Emissions Cheat
- 9 years ago
Volkswagen AG lost almost a quarter of its market value after it admitted to cheating on U.S. air pollution tests for years, risking billions in potential fines and a backlash from consumers in the world's second-biggest car market.
The shares plunged as much as 23 percent to 125.40 euros in Frankfurt, extending the stock's slump for the year to 31 percent.
The drop wiped out about 15.4 billion euros in value.
Volkswagen Chief Executive Officer Martin Winterkorn said on Sunday that the company is cooperating with the probe and ordered its own external investigation into the issue.
The CEO said he was "deeply sorry" for breaking the public's trust and that VW would do "everything necessary in order to reverse the damage this has caused."
The shares plunged as much as 23 percent to 125.40 euros in Frankfurt, extending the stock's slump for the year to 31 percent.
The drop wiped out about 15.4 billion euros in value.
Volkswagen Chief Executive Officer Martin Winterkorn said on Sunday that the company is cooperating with the probe and ordered its own external investigation into the issue.
The CEO said he was "deeply sorry" for breaking the public's trust and that VW would do "everything necessary in order to reverse the damage this has caused."