Car rental companies like Hertz are hurting thanks to a growing ride-hailing industry, with companies like Uber and Lyft taking an increasingly large share of the market, according to a report from CNN Money.

Hertz in particular is taking a tumble, with its stock plummeting one day in November. “The car rental company’s stock tanked over 50 (percent) Tuesday morning after it cut its forecast for future growth and reported weak earnings Monday night,” the report says. It was the worst performance day for Hertz stock since the 2008 financial crisis.

The report also says Avis saw an 18 percent decrease of its stock on the same day.

“We are clearly disappointed with our performance this year,” Thomas Kennedy, CFO, Hertz, said on a call with analysts after the dip.

Ride-hailing services are potentially taking a larger share of the market, a development that makes sense in context. “Ride-sharing serves the same role for some travelers that renting a car would. It can also sometimes be cheaper and be less of a hassle for people who don’t want to spend time looking for parking,” CNN’s report said.