Uber goes into reverse as first day stock price disappoints

Stock traded considerably lower than $100bn the ride-hailing app had hoped to achieve

Uber's hopes of a surge in the price of its shares have fallen flat, as investors gave the taxi-hailing app's eagerly anticipated stock market float a frosty reception by sending the shares below their launch price.

Uber put a price of $45 on its shares valuing the company at $80bn (61.4bn) - well below the $100bn it had once hoped to achieve - amid jitters among investors at the lacklustre performance of shares in rival Lyft since its recent float.