Market Overview

Uber Trades Lower After Losing London License

Share:
Uber Trades Lower After Losing London License

Uber Technologies Inc (NYSE: UBER) shares are trading lower after the Transport for London said the company has lost its licence to operate its private hire vehicles in London after authorities found that trips were taken with uninsured drivers.

According to the regulator of taxi and private hire services in London, Uber has not been granted a new licence after "several breaches that placed passengers and their safety at risk" were identified.

The mayor of London, Sadiq Khan, tweeted his support for TfL decision:

Uber now has 21 days to lodge an appeal.

Uber shares were trading down 4.4% at $28.25 in Monday’s pre-market session. Lyft Inc (NASDAQ: LYFT) shares were trading down 0.65% at $46.16.

Related Links:

Insider Selling At Ride-Hailing Companies: Uber Vs. Lyft

Uber Has New Competition In London

Photo courtesy of Uber.

Posted-In: London Sadiq KhanNews Travel Legal Top Stories General Best of Benzinga

 

Related Articles (UBER + LYFT)

View Comments and Join the Discussion!
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com