Hangus Market Capitalization IDR 297.31 Trillion Exactly 9 Months Since The IPO And Price Down 16 Days Leading Day, GOTO Shares Are Still Safe From Suspension

Indonesia Stock Exchange. (Photo: Doc. Antara)

JAKARTA - The decline in shares of PT GoTo Gojek Tokopedia Tbk (GOTO) has not stopped. As of Monday, December 12, GOTO's shares fell 6.45 percent again to the level of IDR 87.

This record is the lowest level of GOTO shares since its listing on the Indonesia Stock Exchange (IDX) on April 11, 2022, at a price of IDR 338. This means that from the IPO price, GOTO shares have collapsed 74.26 percent.

The decline in prices also of course eroded the value of GOTO's stock market capitalization. Closing trading Monday, December 12, the GOTO market capitalization value was only IDR 103 trillion or had decreased by IDR 297.31 trillion from IDR 400.31 trillion during its first trade.

Then, how did the IDX respond to the decline in GOTO shares to date?

Apparently, after 16 days in a row moving down, the IDX has not temporarily suspended (suspension) trading in GOTO shares.

According to IDX Director I Gede Nyoman Yetna, related to the trading suspension associated with transaction volatility, the Exchange always evaluates the securities of a listed company, taking into account the company's condition, information disclosure submitted, and overall market conditions.

"Due to the decline in GOTO's share price in the last few days, the Exchange has asked the Company for an explanation and the Company has answered," Nyoman told reporters, Monday, December 12.

In addition, the Exchange has also asked the Company to carry out an incidental public expose and has been implemented on December 8, 2022. The results have also been broadcast on the Exchange website.

Weight GOTO Shares to JCI

As is known, GOTO, which was located in 10 stocks with the largest market capitalization on the IDX, had a significant impact on the movement of the Composite Stock Price Index (IHSG).

As of November 28, GOTO's weight on the JCI was 4.89 percent. This means that if GOTO's share price drops 7 percent in one trading day, the effect on the JCI's decline in one day will be 0.34 percent.

Meanwhile, Nyoman said, as of December 9, 2022, GOTO's share weight to the JCI was 2.75 percent. "Thus, if GOTO shares decrease by 7 percent in one day, the JCI will only decrease by 0.175 percent," Nyoman explained.

For information, GOTO shares have megalami price reductions to touch lower auto rejects (ARB) from 28 November 2022 to Monday 12 December 2022.

This decline is suspected to be due to the end of series A's stock lock-up for investors before the IPO on November 30, 2022, so that on December 1, 2022, the number of shares that can be traded will be 1.13 trillion shares.