Just Eat Takeaway.com Down 7% After NYC Council Votes in Favor of Fee Cap

By Josh Beckerman

Shares of Grubhub owner Just Eat Takeaway.com NV were recently down 7%, to $17.51, after the New York City Council voted Thursday to make current regulations for food-delivery apps permanent, including a cap on fees.

Other parts of the bill include licensing requirements and a prohibition against listing restaurants without their approval. In 2020, the council passed legislation temporarily prohibiting third-party services from charging restaurants more than 15% per delivery order. Grubhub has said a permanent cap would cause "unprecedented, damaging and long-term consequences" for restaurants, workers and customers.

DoorDash Inc. was down 1%, to $188.30. Uber Eats owner Uber Technologies Inc. rose 0.5%, to $40.83.

Write to Josh Beckerman at [e-mail]

(END) Dow Jones Newswires

08-27-21 1442ET