VW scandal dragging down Europe car stocks

London

MONEY manager Michael Woischneck has been inundated with calls from charities, foundations and churches - clients that prefer investing in socially responsible companies - urging him to avoid Volkswagen AG (VW). He says he has had little choice but to dump the carmaker's shares.

His firm, Lampe Asset Management, is among many surprised by the German company's widening scandal over faked pollution controls. That caused VW to lose a third of its value, or about 23 billion euros (S$36.4 billion), in just two days.