JAKARTA:
GoTo Group shares tumbled after Indonesia’s stock exchange eliminated its 50-rupiah price floor, unleashing pent-up selling pressure from investors who had been unable to exit at the mandated minimum price.
The ride-hailing and food-delivery platform’s stock fell 14% to 43 rupiah in early Jakarta trading. It had been stuck at 50 rupiah – or less than one US cent – for about four months.
The price floor, put into effect more than a decade ago to protect investors from sharp price declines, is uncommon among major markets, which typically rely on trading halts or…
