Wirecard stock will plummet to one euro as accounting scandal scares away clients, Bank of America says | Markets Insider

. The firm said Monday the sum likely never existed and that, if it is unable to update its financials by the end of the week, it would likely need to cancel $2 billion in loans it had received.

The days of negative developments weighed heavily on Wirecard's share price, pushing the stock to 17.58 euros by Tuesday's close after trading above 100 euros just one week earlier. Lasting damage to the firm's reputation will push a full recovery far down the road, Bank of America said. "Recent news flow suggests that customers may have started to leave Wirecard and lenders may be weighing closure of credit lines," Metuku wrote.Now read more markets coverage from Markets Insider and Business Insider:

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