Investing.com – Uber (NYSE:) tumbled in premarket trade after Transport of London announced it was removing the ride-sharing company’s license to operate in the city.
The news, reported by Sky, is a huge blow to the company. Uber (NYSE:) was down 6% as of 5:15 AM ET (10:15 GMT).
The transport regulator citied “several breaches that placed passengers and their safety at risk” as the reason for abolishing Uber’s license.
A spokesperson for Uber (NYSE:) said the company would appeal TFL’s decision.
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