Volkswagen is crashing again

The weekend break has not helped Volkswagen.

The troubled German carmaker is tanking at the open this morning, down 4% at 8.30 a.m. BST (3.30 a.m. ET).

Volkswagen shares have been diving ever since it emerged that software in its cars was juicing the numbers on diesel emissions.

The company named Porsche CEO Matthias Müller as its new boss late on Friday but that doesn't seem to have helped much. The Financial Times is warning this morning that the scandal could be "worse than Enron."

Here's a snapshot of European stock markets otherwise this morning:

UK FTSE 100: -0.70%

German DAX: -0.27%

French CAC 40: -0.49%

Euro Stoxx 50: -0.82%

Vodafone is also diving in London this morning, off 3% after saying talks with US cable company Liberty Global had ended. The pair were talking about swapping assets but a lot of traders hope the talks could result in a merger.

Shell is down 0.39% after announcing it is giving up offshore drilling in Alaska.