June 25, 2020 / 9:50 AM / 13 days ago

Wirecard shares drop 79.68% after co files for insolvency

FILE PHOTO: The headquarters of payments company Wirecard AG in Aschheim near Munich, Germany, April 25, 2019. REUTERS/Michael Dalder/File Photo

BERLIN (Reuters) - Shares in Wirecard dropped by 79.68% on Thursday as they re-opened after being suspended because the payments company filed for insolvency.

Wirecard said it was filing for insolvency after disclosing a $2.1 billion financial hole in its accounts, becoming the first sitting member of Germany’s blue-chip share index DAX to go out of business.

Reporting by Michelle Martin; editing by Thomas Seythal

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