Volkswagen loses $34 bn in market value

Volkswagen has lost nearly $34 billion in market value after the emission scandal came to light. It has slipped to fourth position on the league table of world’s top automobile companies in terms of market value. Until last week, the number two position seesawed between Germany’s Daimler and Volkswagen. Shares of all three German carmakers (third is BMW) have taken a hit following the scandal. Meanwhile, India’s Maruti Suzuki, valued at $20.5 billion, ranks 15th, two notches above its parent Japan’s Suzuki, which ranks 17th with a market cap of $17.9 billion (not in the table).