• Rajasthan

    Cong 99
    BJP 73
    RLM 3
    OTH 24
  • Madhya Pradesh

    Cong 114
    BJP 109
    BSP 2
    OTH 5
  • Chhattisgarh

    Cong 68
    BJP 15
    JCC 7
    OTH 0
  • Telangana

    TRS-AIMIM 95
    TDP-Cong 21
    BJP 1
    OTH 2
  • Mizoram

    MNF 26
    Cong 5
    BJP 1
    OTH 8

* Total Tally Reflects Leads + Wins

Volkswagen shares plunge the most in six years on US emission issue

By: | Published: September 21, 2015 1:08 PM

Volkswagen shares fell 13 percent to 140.95 euros by 0707 GMT, the biggest one-day drop since November 2009.

volkswagenVolkswagen shares fell 13 percent to 140.95 euros by 0707 GMT, the biggest one-day drop since November 2009. (Reuters)

Shares in Volkswagen plunged the most in almost six years in early Monday trading after US authorities accused the German carmaker of falsifying emissions data, which means it could face penalties of up to $18 billion.

Europe’s largest automaker is accused of designing software for diesel models of its core VW brand and luxury division Audi that deceives regulators measuring toxic emissions, the US Environmental Protection Agency said on Friday.

VW shares fell 13 percent to 140.95 euros by 0707 GMT, the biggest one-day drop since November 2009.

The revelations have emerged just as VW was poised to shake off doubts about its leadership at a supervisory board meeting on Friday where it is aiming to take decisions on a new company structure and management lineup.

The German group is also grappling with operational issues such as falling sales in China and efforts to boost profitability at the troubled VW namesake brand.

“This disaster is beyond all expectations,” Ferdinand Dudenhoeffer, head of the Center of Automotive Research at the University of Duisburg-Essen, said.

The emissions issue is plunging VW into more turmoil five months after former chairman Ferdinand Piech quit in a power struggle with Winterkorn over strategy.

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