Why Shares of Volkswagen Are Dropping Hard Today

Shares of German auto giant Volkswagen AG (OTC: VWAGY) were down sharply on Wednesday, a day after the company said it's shutting down its factories in Europe and warned that it can't yet forecast the impact of the coronavirus pandemic.

As of 12:00 p.m. EDT, Volkswagen's American depositary receipts were trading down about 10.7% from Tuesday's closing price.

CEO Herbert Diess told reporters on Tuesday that slipping sales, uncertainties with suppliers, and concerns about limiting the spread of the COVID-19 virus led to his decision to halt production at VW Group factories throughout Europe.

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Source Fool.com