Uber Trades Lower After Losing London License

Uber Technologies Inc 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 LYFT shares were trading down 0.65% at $46.16.

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Photo courtesy of Uber.