Shares in General Motors Corp slumped more than 17 percent in Frankfurt on Tuesday amid growing concern the automaker might file for bankruptcy.

GM shares fell up to 17.5 percent in Frankfurt floor trade and were down 14.3 percent at 1.32 euros at 0708 GMT (3:08 a.m. EDT) after falling about 16 percent in U.S. trade on Monday.

The New York Times reported late on Sunday that the U.S. Treasury Department was directing GM to lay the groundwork for a bankruptcy filing should it fail to reach give-back deals with stakeholders by the deadline set by the Obama administration two weeks ago.