DAX dragged down as car scandal widens

German stock market index DAX dropped by -1.96%  on Thursday, as news emerged that Munich-based car manufacturer BMW as equally affected by the emmissions scandal.

BMW stocks crashed by -6.69%, according to Deutsche Börse, following a report by German consumer magazine Auto Bild that BMW cars had equally failed to comply with the requirements of US environmental agency EPA.

Within the German stock market index, BMW is weighted slightly higher, at 3.48%, compared to VW, which currently makes 3.21% of the index.

Following the resignation of VW boss Winterkorn, share prices improved gradually to 0.20%.

Share price changes are based on Deutsche Börse data at 1.00pm Central European Time

ABOUT THE AUTHOR
Mona Dohle
Mona Dohle speaks German and Dutch, she is DACH & Benelux Correspondent for InvestmentEurope. Prior to that, she worked as a journalist in Egypt and Palestine. She started her career as a journalist working for a local German newspaper. Mona graduated with an MSc in Development Studies from SOAS and has completed the CISI Certificate in International Wealth and Investment Management.

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