DoorDash Shares Tumble as Amazon Takes Stake in Grubhub

Food delivery company DoorDash Inc. shares sank on Wednesday after Amazon.com Inc. agreed to take a stake in rival Grubhub’s business.

The San Francisco-based startup tumbled as much as 11% in New York trading, taking the stock down more than 70% from the highs touched in November. Ride-hailing service Uber Technologies Inc., which also has a food-delivery unit, fell over 4%.