[Image Source: Bloomberg via The New York Times]

Some called it a "market adjustment" while others warned that it was the perilous omen of a weakening global economy. Whatever the case, the world's stock exchanges took one major collective hit yesterday.

The epidemic of sell-offs started in Shanghai, where nearly 9% of that market's value was obliterated in panic selling; the cause of which is to still subject to speculation. When the ripple effect made its way through European bourses to New York, the S&P 500 lost a staggering $452 Billion - the worst slide since September 11th, 2001.

And in midst this fiscal meltdown, how fared the automakers? Badly.

At the New York Stock Exchange (NYSE), Ford Motor Company (F) closed the previous day @ $8.26 per share on a volume of 28 million. By the time the closing bell rang at 4:00PM EST on Tuesday, FoMoCo's stock dropped nearly 6% to $7.78 per share on a volume of 91 million.

General Motors (GM) fared just almost as badly by losing 5.33% ending the day @ $32.16 per share on a volume of 17 million.

DaimlerChrysler (DCX) lost 4.63% to close @ $67.30 per share on a volume of 1.7 million.

In Frankfurt, the Xetra Dax stocks managed slightly better.

BMW Group (BMW) lost 3.00%; dropping to €43.69 per share on a volume of 5.7 million.

Volkswagen AG (VOW)
dropped only 2.4% to end the day @ €92.62 per share on a volume of 10.2 million.

Porsche AG (POR3) slid by nearly 3.00% "down" to €998.92 per share on a volume of 140,369.

And in Tokyo, the Nikkei equities suffered as well.

Toyota Motor Corporation (Bloomberg 7203: JP) fell by 4.4% to ¥7,970 per share on a volume of 15.5 million.

Honda Motor Corporation (Bloomberg 7267: JP) dropped nearly 5% to ¥4,410 per share on a volume of 4.4 million.

Nissan Motor Company Limited (Bloomberg 7201: JP) fared better than all of the above by losing just 2.5% to ¥1,370 per share on a volume of 19.8 million.

Note: Prices as shown are accurate as of 00:51 EST.

[Sources: The New York Times + NYSE + Börse-Frankfurt + Bloomberg]