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This taxi company lost 11% of its value waiting for Uber

Bloomberg Published on Fri, Dec 08, 2017 / 8:18 AM GMT+8

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SINGAPORE (Dec 8): ComfortDelGro Corp. has lost $500 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% of its value since announcing the negotiations in August. The stock’s market capitalization has declined by US$1.2 billion $1.6 billion) so far this year, mainly on concerns about its taxi business.