A previous version of this story misstated the euro/dollar conversion rate. The story has been corrected.

If it’s car related, it’s almost certainly deep in negative territory in Europe on Tuesday.

Ever since the U.S. Environmental Protection Agency accused Volkswagen AG VOW3, +0.14% US:VLKAY VOW, +1.04% of cheating on its emission tests to thwart environmental standards, the car sector has been under close scrutiny for the potential fallout. The scandal has already raised calls for a probe into the entire European auto industry, while South Korea said it would launch an investigation into three of Volkswagen’s diesel models.

European Union regulators also said they would meet with national authorities “very soon” to discuss the scandal.

“The question on everyone’s mind is, if Volkswagen is doing it, the likeliness is that they all are. This guilt by association will persist until those companies intervene,” said Joshua Mahony, market analyst at IG, in a note on Tuesday.

This fear has crushed investor confidence in anything car related on the European stock markets, with companies such as Volkswagen rivals and tire suppliers getting hit.

Volkswagen itself sank 19% on Tuesday after warning it will revise its earnings targets for 2015 and set aside a 6.5 billion euro provision ($7.3 billion) to cover the costs related to the scandal. That slump comes on top of a 19% drop on Monday, when the company lost more than €14 billion in market capitalization. With the drop on Tuesday, Volkswagen is set to have shaved off almost €30 billion of value in just two days, almost the market cap of French rivals Renault RNO, +2.65% and Peugeot UG, +3.63% combined.

Here is a rundown of some of the other companies feeling getting squeezed by the issue: