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Germany: DAX drops 3.8 percent as VW scandal rocks stock index01:16

Germany: DAX drops 3.8 percent as VW scandal rocks stock index

Germany, Frankfurt
September 22, 2015 at 13:33 GMT +00:00 · Published

Traders were busy working at the Deutsche Borse Group headquarters in Frankfurt, Tuesday, after the German stock index DAX dropped 3.80 percent in a day as a result of the Volkswagen (VW) scandal which hit Europe on Monday. Shares in Volkswagen dropped a further 19.82 percent on Tuesday after being down 18.6 percent when markets closed on Monday.

Volkswagen has been forced by US authorities to recall about 500,000 cars after the US Environmental Protection Agency (EPA) found out that VW is using "defeat devices." Defeat devices allow diesel car computers to make the engine run 40 times cleaner during tests for emissions. Additionally, according to the agency, VW might face a multi-billion dollar fine as a result, with experts estimating that the whole incident could cost the car giant a total of around $18 billion (€16 billion).

The EPA found the defeat devices in diesel cars including the VW Jetta, Beetle, Golf and Passat models as well as the Audi A3.

Germany: DAX drops 3.8 percent as VW scandal rocks stock index01:16
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Description

Traders were busy working at the Deutsche Borse Group headquarters in Frankfurt, Tuesday, after the German stock index DAX dropped 3.80 percent in a day as a result of the Volkswagen (VW) scandal which hit Europe on Monday. Shares in Volkswagen dropped a further 19.82 percent on Tuesday after being down 18.6 percent when markets closed on Monday.

Volkswagen has been forced by US authorities to recall about 500,000 cars after the US Environmental Protection Agency (EPA) found out that VW is using "defeat devices." Defeat devices allow diesel car computers to make the engine run 40 times cleaner during tests for emissions. Additionally, according to the agency, VW might face a multi-billion dollar fine as a result, with experts estimating that the whole incident could cost the car giant a total of around $18 billion (€16 billion).

The EPA found the defeat devices in diesel cars including the VW Jetta, Beetle, Golf and Passat models as well as the Audi A3.

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