This Taxi Company Lost 11% of Its Value While Waiting for Uber
ComfortDelGro Corp. taxis sit at a taxicab stand rank in the central business district in Singapore.
Photographer: Nicky Loh/Bloomberg
ComfortDelGro Corp. has lost S$500 million ($370 million) in just four months -- on track to become Singapore’s second-worst performing stock in 2017 -- as investors lose patience over a planned venture with Uber Technologies Inc.
More than three months after the operator of Singapore’s largest taxi fleet said it is in talks with Uber Technologies Inc. for a potential alliance, nothing has been announced. ComfortDelGro has lost about 11 percent of its value since announcing the negotiations in August. The stock’s market capitalization has declined by $1.2 billion so far this year, mainly on concerns about its taxi business.