November 3, 2015 / 8:17 AM / 2 years ago

European shares sag as StanChart and Volkswagen drop

LONDON, Nov 3 (Reuters) - European stock markets fell on Tuesday, pegged back by a drop in the shares of British bank Standard Chartered and carmaker Volkswagen.

The pan-European FTSEurofirst 300 index and the euro zone’s blue-chip Euro STOXX 50 index both declined by 0.2 percent.

Volkswagen’s shares fell 4.2 percent after U.S. environmental regulators said late on Monday it had used devices to cheat air pollution tests in diesel luxury vehicles.

Volkswagen took issue with the U.S. regulators’ findings, saying “no software has been installed” in its 3.0-liter V6 diesel engines “to alter emissions characteristics in a forbidden manner.”

Standard Chartered fell 6.3 percent after it announced plans to raise $5.1 billion in new capital through a rights issue and cut 15,000 jobs by 2018 as new Chief Executive Bill Winters tries to restore profitability at the bank, which has been hit by a slowdown in emerging markets. (Reporting by Sudip Kar-Gupta; editing by John Stonestreet)

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