Car rental firm carrentals have seen their stock price fall over the past few months, with many of their flagship brands being downgraded.
Car rentals have been the subject of speculation since Apple announced its planned $1bn acquisition of CarRental, and it has now been revealed that CarRrentals stock is currently down about 40 per cent.
The stock is down by about $60 per share after the company announced its stock was down by around 30 per cent on Thursday, and shares have now fallen by $25 per share since.
CarRrents stock has now fallen to $15 per share, and is down from the previous close of $18 per share on Wednesday.
The company said it had been in the midst of a restructuring process, and had reduced its workforce by around 40 per to 60 per cent, according to a statement.
Car rental companies have been among the biggest beneficiaries of the Apple-Apple acquisition, with the firm said to have nearly $500bn in assets under management.