Daimler shares sink over 4% on outlook cut

Monday, 24. June 2019 13:32

Shares of German automaker Daimler AG fell over 4% on Monday after the company cut its outlook for the rest of 2019 fiscal year, mostly due to the costs related to the dieselgate scandal. Earnings before interest and taxes (EBIT) are now expected to be flat year-over-year, according to the firm's latest projection.

Over the weekend, it was announced that the maker of Mercedes will recall 60,000 vehicles that were found to be equipped with software for cheating on data related to diesel emissions.

At 1:30 pm CET, Daimler's stocks were down 4.23% to go for €47.53, lowest in six days. It was the worst performing stock on the DAX, which was 0.57% in the red.

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Breaking the News / NI