Germany’s Volkswagen shares tumble after margin downgrade

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Blaming negative effects from raw materials hedges, Europe’s largest automotive group on Friday indicated a return on sales of 7.0-7.3%, down from 7.5-8.5% forecast previously. Volkswagen kept its outlook for deliveries and sales.

Volkswagen shares fell 2.9% in Frankfurt by 0732 GMT, leading fallers across the European auto sector, which was down 0.5%.