European shares edged lower on Wednesday, extending the previous day’s slump to one-month lows, with Volkswagen continuing its slide down following allegations of rigging emissions tests.
Volkswagen shares fell nearly 7 per cent, after plummeting 18.6 per cent on Monday and 19.8 per cent on Tuesday, after the company said the scandal could affect 11 million of its cars around the globe as investigations of its diesel models multiplied.
The STOXX Europe 600 auto and parts index fell 3.5 per cent. The index is down about 15 per cent so far this week. The pan-European FTSEurofirst 300 index was down 0.1 percent at 1,363.37 points.
Shares in Coloplast also fell 6.7 percent after the Danish healthcare product maker said it will take a further provision of 3 billion Danish crowns ($448 million) to cover potential settlements and costs in relation to litigation in the United States.