Uber shares tumble in premarket as London strips its license
Uber (UBER, -5.35%) has been stripped of its London license in a major blow to the ride-hailing app, with the stock falling almost 6% in premarket trading on Monday.
Uber has lost its license to operate in Britain’s capital city after the regulator Transport for London discovered more than 14,000 journeys had been taken with uninsured drivers. London is Uber’s biggest market in Europe and key to the firm’s top line.
It is likely to appeal the ruling and will continue to operate during any legal challenge.
As seen on www.marketwatch.com, written by Rupert Steiner