Uber shares slump after reports of SoftBank cashing out on £1.4bn stake in ride-hailing firm emerge

Uber shares have slumped after news sources report Japanese investment firm SoftBank is to sell a significant percentage of its shares in the ride-hailing app.

According to news source Reuters, SoftBank are selling around 45 million shares worth around £1.44bn ($2bn) to help cover loses on Chinese ride-hailing firm Didi and other investments.

Shares in Uber fell by 4.6% at $44 in extended trading. Didi shares have dropped by around 40% since they first starting trading on the New York Stock Exchange on 30 June.

By releasing 45 million Uber shares from its portfolio, the SoftBank Vision Fund will sell off its stake in the ride-hailing firm by around a third.