Grab Shares Plunge 37% to Lowest Ever as Losses Mount
- Stock drops Thursday after quarterly net loss nearly doubled
- Southeast Asian ride-hailing giant down 63% since market debut
A Grab driver in the Bukit Bintang district of Kuala Lumpur, Malaysia.
Photographer: Samsul Said/BloombergThis article is for subscribers only.
Grab Holdings Inc.’s stock plummeted 37% on Thursday after the company reported wider losses in the fourth quarter, pushing to $22 billion the decline in its market value since it went public through a merger with a blank-check firm in December.
Southeast Asia’s ride-hailing and delivery giant has plunged 63% since its debut, placing it among the Nasdaq Composite Index’s worst performers over that stretch. Thursday’s drop marked its biggest selloff ever after the Singapore-based company’s quarterly net loss nearly doubled from last year while revenue shrank 44%. The tumble came as 116 million shares changed hands, more than four-times the average over the past month.