Volkswagen $($VW$)$ the largest car manufacturer in the world, just had a devastating fire, destroying its largest factory in Germany. News has just been released that it will take $3$ years to rebuild. Analysts are in agreement that the loss of the manufacturing facility will significantly reduce VW$\text{'}$s production and revenues. If stock markets are efficient with respect to publicly$-$available information, which of the following is the most likely outcome of this news?

Volkswagen $($VW$)$ the largest car manufacturer in the world, just had a devastating fire, destroying its largest factory in Germany. News has just been released that it will take $3$ years to rebuild. Analysts are in agreement that the loss of the manufacturing facility will significantly reduce VW$\text{'}$s production and revenues. If stock markets are efficient with respect to publicly$-$available information, which of the following is the most likely outcome of this news?

The price of Volkswagen shares will fall steadily over the few hours after the news is released, and will continue to fall over the following days.

The price of Volkswagen shares will rise upon the news because Volkswagen will save money if it produces fewer cars.

The price of Volkswagen shares will fall immediately upon the news and there will be no further price adjustment related to the news.

The price of Volkswagen shares will not change today because a decrease in revenue has not happened yet