Why Shares of BMW AG Dropped Sharply Today
Shares of German automaker BMW AG (OTC: BAMXF) (OTC: BMWYY) were down sharply on Thursday afternoon after the company's German-listed shares were hammered by growing concerns around the novel coronavirus in Europe.
As of 2:30 p.m. EDT, BMW's American depositary receipts were down about 10.9% from Wednesday's closing price.
BMW's shares, along with those of key rivals Volkswagen AG (OTC: VWAGY) and Daimler AG (OTC: DMLRY), fell sharply in trading in Germany following blunt comments by Chancellor Angela Merkel about the likely effects of the virus pandemic in the country. BMW's U.S.-listed American depositary receipts continued to trade down after the German markets closed.
Source Fool.com
