Volkswagen AG’s stock will be removed from the Dow Jones Sustainability indexes after the automaker cheated on emissions tests.
The carmaker’s admission on Sept. 18 that it systematically manipulated U.S. emissions tests prompted a review of its status, S&P Dow Jones Indices LLC and RobecoSAM said in a statement Tuesday. The stock will be pulled after the close of trading Oct. 5 from the DJSI World, DJSI Europe and all other related indexes, according to the statement.
S&P Dow Jones Indices and RobecoSAM manage the Dow Jones sustainability indexes, which track the performance of companies that rank the best in their industries in terms of economic, environmental and social criteria. The Dow Jones Sustainability World Index, introduced in 1999, was the first global such benchmark, according to the companies.
Volkswagen is also included in London Stock Exchange Group Plc’s FTSE4Good indexes of socially responsible companies. Membership in those benchmarks is reviewed in June and December, with input from an independent advisory committee, David Harris, head of FTSE Russell ESG, the unit that provides the indexes, said in an e-mailed statement.
Volkswagen’s stock fell as much as 5 percent and was trading down 0.5 percent at 98.80 euros as of 2:02 p.m. in Frankfurt. The shares have plunged 39 percent since Sept. 18, reducing the company’s market value by 27.5 billion euros ($30.8 billion). Prosecutors in Germany said Monday that they’ve started a criminal probe of the carmaker that includes an investigation of former Chief Executive Officer Martin Winterkorn.