Volk­swa­gen shares fall af­ter state­ment on emis­sions

The Pak Banker - - 6BUSI­NESS -

Volk­swa­gen shares fell al­most 2 per­cent in early trad­ing on Thurs­day af­ter the car­maker said its for­mer chief ex­ec­u­tive did not pay par­tic­u­lar at­ten­tion when he was alerted to prob­lems with U.S. diesel emis­sions tests in 2014. Europe's big­gest car­maker re­leased its most de­tailed ac­count yet late on Wed­nes­day of the events lead­ing up to the rev­e­la­tion last Septem­ber that it had cheated U.S. tests, which at the time un­leashed a scan­dal that caused the CEO's res­ig­na­tion and wiped bil­lions off its mar­ket value. Volk­swa­gen is­sued the state­ment to re­ject share­holder accusations that it did not in­form them of the loom­ing prob­lems in time, caus­ing them mas­sive losses. Shares in Volk­swa­gen were down 1.9 per­cent at 113.55 eu­ros by 0824 GMT, at the bot­tom of a flat Ger­man blue-chip in­dex .GDAXI. He kept his "out­per­form" rat­ing on the stock and raised his tar­get price by 2 eu­ros to 138 eu­ros, say­ing Ex­ane was trim­ming its le­gal li­a­bil­ity es­ti­mate by 1 bil­lion eu­ros to 10.7 bil­lion eu­ros as a re­sult.

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