Volkswagen share price continues to churn amid emissions scandal

Jessica Morris
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Volkswagen shares have shed 33.8 per cent since last Friday (Source: Getty)

Shares in embattled carmaker Volkswagen were down 3.8 per cent to 103.2p per share in Germany this morning, more than a week after news of its emissions scandal first broke.

The company has suspended the research and development chiefs of its core VW brand, luxury division Audi and sports-car maker Porsche, sources told Reuters. This comes after Volkswagen insider Matthias Muller replaced former chief executive Martin Winterkorn, who stepped down on Wednesday.

Read more: To rebuild trust, Muller should turn to his employees

Volkswagen has admitted to US regulators that more than 11 million cars were equipped with software deigned to evade emissions tests. The carmaker has since said it expects to set aside €6.5bn (£4.7 billion) in its third-quarter accounts to help cover the costs of the scandal.

Volkswagen shares have fallen almost 34 per cent since last Friday.

Read more: Reduced emissions come at a cost

The three main credit ratings agencies - Standard & Poor's, Moody's and Fitch - have all warned over the Volkswagen's credit rating following the emissions scandal. They said the company faces substantial remediation costs, and that the reputational damage could hit future earnings.

The European Central Bank (ECB) confirmed this morning it has stopped buying VW bonds as part of its €1 trillion quantitative easing programme.

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