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Volkswagen Removed From Euro Stoxx 50, ETFs Forced to Sell

By Drooid · · How we work

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Story summary
  • Volkswagen was removed from the Euro Stoxx 50 blue-chip index.
  • ETFs holding €59 billion of Volkswagen stock must sell shares after the removal.
  • Profit warning listed €10 billion one-off charges, over €6 billion from a Porsche writedown.
  • The restructuring doubles job cuts to 100,000 and halves the model range.
  • Shares have fallen nearly 30% YTD, trading near €76.