Porsche AG shares fell almost 10% last week—the steepest drop since its 2022 debut—after the carmaker scaled back its electric-vehicle ambitions. The stock is down nearly 30% this year and will fall out of Germany’s benchmark DAX index. Parent company Volkswagen also slid 8.4%, its sharpest drop in more than two years, according to Bloomberg. The 911 maker scrapped plans for a battery-powered luxury SUV and will instead expand its lineup of combustion-engine and hybrid cars. The shift triggered a €1.8 billion hit to operating…