Uber dives 18pc in two days

Business | Reuters and Stella Zhai 15 May 2019

Uber Technologies's shares fell 18 percent for its first two trading days in the US market and its chief executive officer expected the stock to remain under pressure in the coming months.

The ride-hailing giant's stock closed at US$37.1 (HK$289.4) on Monday, valuing the company at about US$14 billion less than the initial public offering price of US$45. The fall in shares comes against the backdrop of a global stock market selloff sparked by renewed trade tensions between the United States and China.

Uber's stock "did not trade as well as we had hoped post-IPO", chief executive Dara Khosrowshahi said. "Sentiment does not change overnight, and I expect some tough public market times over the coming months," Khosrowshahi added.

Uber's market capitalization has fallen to about US$61 billion since its IPO on Thursday.

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