Volkswagen crashes 22% after it admits to cheating on emissions tests

Berlin

VOLKSWAGEN AG dropped the most in almost seven years after it admitted to cheating on US air pollution tests for years, risking billions in potential fines and a backlash from consumers in the world's second-biggest car market.

The shares plunged as much as 22 per cent to 126.40 euros, the steepest intraday decline since Oct 24, 2008, extending the stock's slump for the year to 32 per cent. The drop wiped out about 16 billion euros (S$25.4 billion) in value, making the Wolfsburg, Germany-based company worth 60.4 billion euros.