Vienna Insurance Group AG (VIG) slid for a second day, leading Czech shares down, as speculation a Greek bailout deal won't solve the nation's debt crisis hurt demand for riskier assets in Europe.

The Austrian company slid 1 percent to 853 koruna by 11:59 a.m. in Prague, adding to a 1.8 percent drop yesterday. The PX (PX) equity index, where VIG has a 13 percent weighting, retreated 0.2 percent to 1,016.60.

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CZECH REPUBLIC: Vienna Insurance Drops Second Day as Greece Aid Optimism Wanes