Shares in German auto giant Volkswagen were down around eight percent in early trading on the Frankfurt stock exchange as investors continued to pile out of the stock in the wake of a pollution cheating scandal that has reached global proportions.

After losing around 35 percent over the past two days, the shares hit a new intraday low of 102.2 euros in the first 20 minutes of trading, a drop of 8.1 percent on the day.