Uber, IPO Johannes Eisele/Contributor/Getty

Uber’s stock is set to sink on Monday morning after the ride-hailing firm lost its license to operate within London.

The stock fell 6.3% in premarket trading, at 10:30 a.m. in London (5:30 a.m. ET)

The stock drop would wipe $3 billion off the $50.4 billion market cap Uber closed with on Friday.

Transport for London said it found a „pattern of failures“ which put the safety of passengers in the city at risk.

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Uber’s stock is set to sink on Monday morning after the ride-hailing firm lost its license to operate within London.

The stock fell 6.3% in premarket trading, at 10:30 a.m. in London (5:30 a.m. ET), after Transport for London said it found a „pattern of failures“ which put the safety of passengers in the city at risk.

The stock drop would wipe $3 billion off the $50.4 billion market cap Uber closed with on Friday.

Tfl said that it found 14,000 trips had been conducted by unauthorized drivers that were using approved Uber driver accounts to pick up passengers.

Uber has about 21 days to appeal the decision, and in a statement emailed to Business Insider, it said that it plans to appeal, calling Tfl’s decision, „extraordinary and wrong.“

For more detail on this developing story, click here.

Watch Uber trade live here.