Shares in one of the country's largest auto ancillary manufacturer, Motherson Sumi has been badly hit following the emission scandal at Volkswagen. The shares which were trading at around Rs 280 on Monday has now plunged to levels of Rs 233, a drop of nearly 20 per cent in a few trading sessions.
Despite clarifications by the management that the company supplies only a small part of its business to Volkswagen, the stock failed to recover. The management of Motherson Sumi also stated that it does not supply parts to engines at Volkswagen and hence the business remains unaffected.
However, the shares continued to slide in trade and was down another 4 per cent today.
Earlier this week Volkswagen admitted that some 11 million clean diesel cars sold worldwide contain devices meant to cheat regulators with regards to emission norms.
This caused a crash in the stock and suppliers of the company like Motherson Sumi has also to bear the brunt.
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