Shares in German auto giant Volkswagen were down around eight percent in early trading on the Frankfurt stock exchange as investors continued to pile out of the stock in the wake of a pollution cheating scandal that has reached global proportions.
After losing around 35 per cent over the past two days, the shares hit a new intraday low of 102.2 euros in the first 20 minutes of trading, a drop of 8.1 per cent on the day.
The German news agency DPA reported that senior members of VW’s supervisory board met late Tuesday, and were scheduled to reconvene again on Wednesday to discuss the future of the group’s chief executive Martin Winterkorn.
But DPA said no information has emerged about any decisions taken at the talks as industry experts bet on him being dismissed.
The regional Hannoversche Allgemeine Zeitung earlier said that “Winterkorn has lost the confidence of the major shareholders”.