Shares of GoTo Gojek Tokopedia plummeted to Rp37 on Tuesday, a 13.95 percent decline after the Indonesia Stock Exchange lowered the minimum share price to Rp1 from Rp50. A sell queue of approximately 840 million lots at that price valued roughly Rp3.1 trillion, or $172.3 million.
The stock now trades 90 percent below its April 2022 IPO price of Rp338. MSCI had already removed GoTo from its Indonesia Investable Market Index in September, citing liquidity concerns tied to the Rp50 minimum.
Analysts attribute the immediate decline to technical factors rather than operational deterioration. Liza Camelia Suryanata, research head at Kiwoom Sekuritas, identified potential support levels between Rp36 and Rp27. MNC Sekuritas analyst Christian said the removal of the trading floor eliminates a constraint that had complicated portfolio adjustments for passive funds shut out of global indexes.
The core question is whether GoTo can sustain growth and profitability once technical selling pressure fades. The company reported net profit of Rp607.5 billion in the first half of 2026.
GoTo and regional competitor Grab face separate pressure to improve driver compensation and working conditions. Indonesia's State Secretary Prasetyo Hadi confirmed government discussions on commission caps and insurance schemes for accidents and fatalities, driven by driver protests.
Grab's bid to acquire GoTo has stalled. Sources indicated valuation obstacles, with GoTo's stock down 30 percent in the past 12 months and Grab's own shares down 50 percent, complicating deal economics.
