Porsche to exit DAX Index on Sept 22

FRANKFURT: Porsche AG, the luxury carmaker spun off from Volkswagen AG, is dropping out of Germany's benchmark stock index after less than three years.

The firm will exit the DAX Index on Sept 22, STOXX Ltd said in a statement on Wednesday.

The manufacturer of sports cars and high-end SUVs has lowered its outlook three times this year as it grapples with President Donald Trump's tariffs on European autos, limited demand for electric vehicles and weak sales in China.

Its shares have fallen 33% in the past twelve months.

Porsche AG had its initial public offering in September 2022 and entered the DAX - a group of the 40 largest companies on the German stock market - less than three months later.

For a short time, it was Europe's most valuable carmaker.

Life sciences company Sartorius AG, down 15% in the past year, will also be removed from the gauge.

The company's second-quarter results showed what analysts called "unclear" order dynamics.

Still, it's managed to outperform a European health care sector that has been hit by Trump's tariffs and the fallout from Novo Nordisk A/S' troubles.

Porsche AG and Sartorius will be replaced by food processing equipment manufacturer GEA Group AG and Scout24 SE, an online platform for real estate transactions.