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Germany's Volkswagen shares tumble after margin downgrade

FILE PHOTO: The logo of German carmaker Volkswagen is seen on a rim cap in a showroom of a Volkswagen car dealer in Brussels

(Reuters) - Volkswagen shares fell to their lowest since April 2020 on Monday after the German carmaker cut its profit margin outlook for the current year, disappointing some investors.

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%.

(Reporting by Danilo Masoni, editing by Alun John)