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Uber tumbles 9% in rocky stock market debut

Updated : May 10, 2019 10:18 PM IST

Uber Technologies Inc's shares fell nearly 9 percent in their debut on Friday, marking a rocky start to one of the most high-profile US initial public offerings since Facebook Inc's seven years ago. The stock's opening at $42 undermined Uber's strategy to price its oversubscribed IPO conservatively at $45 per share to avoid a repeat of rival Lyft Inc's stock market struggles following a strong debut in March.

Traders gather at post where Uber Technologies Inc. holds it's IPO on the floor of the New York Stock Exchange (NYSE) in New York, US, May 10, 2019. REUTERS/Brendan McDermid
Traders gather at post where Uber Technologies Inc. holds it's IPO on the floor of the New York Stock Exchange (NYSE) in New York, US, May 10, 2019. REUTERS/Brendan McDermid
Uber Technologies Inc. CEO Dara Khosrowshah during the opening bell of the trading session on the New York Stock Exchange (NYSE) during the company's IPO in New York, US, May 10, 2019. REUTERS/Brendan McDermid
Uber Technologies Inc. CEO Dara Khosrowshah during the opening bell of the trading session on the New York Stock Exchange (NYSE) during the company's IPO in New York, US, May 10, 2019. REUTERS/Brendan McDermid
Uber Technologies Inc. CEO Dara Khosrowshah during the opening bell of the trading session on the New York Stock Exchange (NYSE) during the company's IPO in New York, US, May 10, 2019. REUTERS/Andrew Kelly
Uber Technologies Inc. CEO Dara Khosrowshah during the opening bell of the trading session on the New York Stock Exchange (NYSE) during the company's IPO in New York, US, May 10, 2019. REUTERS/Andrew Kelly
Former Uber Technologies Inc. CEO and co-founder Travis Kalanick stands on a balcony above the floor of the New York Stock Exchange (NYSE) during the company's IPO in New York, US, May 10, 2019. REUTERS/Andrew Kelly
Former Uber Technologies Inc. CEO and co-founder Travis Kalanick stands on a balcony above the floor of the New York Stock Exchange (NYSE) during the company's IPO in New York, US, May 10, 2019. REUTERS/Andrew Kelly
Uber Technologies Inc. CEO Dara Khosrowshahi stands outside the New York Stock Exchange (NYSE) ahead of the company's IPO in New York, US, May 10, 2019. REUTERS/Andrew Kelly
Uber Technologies Inc. CEO Dara Khosrowshahi stands outside the New York Stock Exchange (NYSE) ahead of the company's IPO in New York, US, May 10, 2019. REUTERS/Andrew Kelly
 An open sign is seen at the office of taxi-hailing service Uber Inc during a driver recruitment event in Hong Kong, China December 29, 2015. REUTERS/Tyrone Siu//File Photo
 An open sign is seen at the office of taxi-hailing service Uber Inc during a driver recruitment event in Hong Kong, China December 29, 2015. REUTERS/Tyrone Siu//File Photo
Uber Technologies Inc. logos are seen on screens on the trading floor of the New York Stock Exchange (NYSE) during the company's IPO in New York, US, May 10, 2019. REUTERS/Brendan McDermid
Uber Technologies Inc. logos are seen on screens on the trading floor of the New York Stock Exchange (NYSE) during the company's IPO in New York, US, May 10, 2019. REUTERS/Brendan McDermid
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