Shares in Volkswagen opened 4.6 percent higher on the Frankfurt stock exchange on Thursday, a day after the German auto giant's chief executive resigned in the wake of the massive pollution scandal.

VW shares opened at 116.60 euros after already bouncing back strongly the day before as investors snapped up cheap bargains following the meltdown in the share price earlier this week as the extent of the scandal became apparent. CEO Martin Winterkorn stepped down on Wednesday, taking responsibility for one of the biggest scandals ever in the German auto sector.