Shares in Volkswagen are tanking Monday as the market reacts to the news that the company faked the results of diesel emissions tests in the U.S., exposing it to potentially huge fines. By late morning in Frankfurt, Volkswagen’s market value had fallen by nearly 20 billion euros ($25 billion), as its preferred stock fell 20.7% and its less liquid voting stock 19%, as investors tried to put a price on the damage caused by the scandal. The damage is threefold: first, there is the near-certainty of the fine that will be levied by U.S.