The 10 biggest non-German shareholders in Volkswagen have seen around €3.5 billion wiped off the value of their stakes in the car maker in the wake of revelations that devices on more than 11 million of its vehicles cheated emissions tests.

Before the scandal erupted after the end of European trading hours on September 18, Volkswagen's ordinary shares had closed at €161.35, while the company's market value was worth almost €77 billion when including its preference shares.