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FRANKFURT (dpa-AFX) – The Wirecard balance sheet scandal has kept the stock market in suspense for the seventh consecutive trading day. On Friday there is again a very high loss. In the morning, the paper lost up to 49 percent – if it remained that way until the end of trading, Wirecard would once again be in the top ten of the highest daily losses of Dax shares.
The company’s paper, which has now also filed for bankruptcy, is already represented there four times. Since it became known that there is a huge gap in the balance sheet, the share has lost a little more than 98 percent overall. Converted into absolute values, Wirecard’s market capitalization has fallen by 12.7 billion euros since last Wednesday to just over 200 million euros.
This means that ejection from the Dax (DAX 30) in autumn is virtually certain – Wirecard was only included in the top league of listed German companies in September 2018. At that time, Wirecard, with a market capitalization of almost 25 billion euros, was more valuable than Deutsche Bank.
Not even the real estate financier Hypo Real Estate, which was nationalized in the financial and economic crisis, can keep up with the rapid development of Wirecard – its shares became practically worthless in the financial crisis, but it dragged on for a few weeks. Both values dominate the list with the ten largest daily losses in the leading German index.
Converted into absolute values, Wirecard’s market capitalization has fallen by 12.7 billion euros since last Wednesday to just over 200 million euros. This means that ejection from the Dax in autumn is almost certain. Wirecard was only included in the top league of listed German companies in September 2018. At that time, Wirecard, with a market capitalization of almost 25 billion euros, was more valuable than Deutsche Bank.
Here is the current list of the ten biggest daily losses of Dax stocks. Wirecard already ranks second, third, six and nine here. If you were to continue the list, the paper would also have ranks eleven to thirteen. However, Hypo Real Estate (HRE) is still the frontrunner. The financier of commercial real estate, which has since been dissolved, is represented three times in the top ten.
1.) Hypo Real Estate -73.9% on September 29, 2008 – Reason: State bailout package due to liquidity shortages in the financial crisis. The bank has since been closed. The state has taken over the billion-dollar risks, and the operational business is largely continued by the Deutsche Pfandbriefbank PBB, which is now listed on the stock exchange. In the meantime, the Pfandbrief bank papers also slipped from the MDax index of medium-sized stocks and thus continue to lose importance.
2.) Wirecard -71.3% on June 25, 2020 – reason: the announcement of the bankruptcy application.
3.) Wirecard -61.8% on June 18, 2020 – Reason: accounting problems that led to the postponement of the number template and thus to the final loss of confidence on the stock exchange.
4.) MLP (MLP SE) -48.7% on 08/02/2002 – Reason: profit warning and a suspicion of manipulation of the balance sheet, which however never hardened. The company still exists. But it no longer plays a major role in the stock market.
5.) VW common shares (Volkswagen (VW) St) -45.3% on October 29, 2008 – Reason: burst bubble due to a rapid price increase the days before. The unprecedented price caprices of the VW common share at the end of October 2008 led to Deutsche Börse limiting the weighting of a share in the Dax to a maximum of ten percent. Since the free float of the VW common stock is now too low, the VW preference share is listed in the Dax.
6.) Wirecard -44.1% on June 22, 2020 – reason: balance sheet scandal is getting worse. The company admits that the trustee accounts, which are said to be 1.9 billion euros, probably do not exist.
7.) Infineon -39.6% on December 3rd, 2008 – Reason: Weak numbers, weak outlook as well as bad situation of the semiconductor manufacturer. The company’s stock was meanwhile a so-called penny stick, so it cost less than one euro. The paper flew out of the Dax at times, but has made a turn. The price was recently around 20 euros – the group is worth around 27 billion euros on the stock exchange.
8.) Hypo Real Estate -37.4% on October 6, 2008 – Reason: Another government bailout package, which led to a further drastic loss in value of the share just one week after the 74 percent crash.
9.) Wirecard -35.3% on June 19, 2020 – Reason: concerns about the financial position and future viability of the group – partly because the banks can terminate credit lines due to the still missing balance sheet for 2019.
10.) Hypo Real Estate -35.2% on January 15, 2008 – Reason: Hypo Real Estate had big problems even before the collapse of the US investment bank Lehman Brothers in September 2008, which finally led to the financial and global economic crisis. HRE boss Georg Funke shocked the markets in mid-January 2008 with a write-down on securities in the USA.
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