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:
My statement on TfL's Uber decision. pic.twitter.com/h8tiQeFQBH
— Sadiq Khan (@SadiqKhan) November 25, 2019
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.
Related Links:
Insider Selling At Ride-Hailing Companies: Uber Vs. Lyft
Uber Has New Competition In London
Photo courtesy of Uber.
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