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DoorDash Shares Tumble as Amazon Takes Stake in Grubhub

  • Move lowers odds of a US duopoly for DoorDash, Uber, BI says
  • DoorDash shares fall as much as 11%, Uber declines 4.8%
Demonstrators March For Food Delivery Workers Rights
Photographer: Paul Frangipane/Bloomberg

Food delivery company DoorDash Inc. shares sank on Wednesday after Inc. agreed to take a stake in rival Grubhub’s business.

The San Francisco-based startup tumbled as much as 11% in New York trading, taking the stock down more than 70% from the highs touched in November. Ride-hailing service Uber Technologies Inc., which also has a food-delivery unit, fell over 4%.