Jakarta. Shares of tech company GoTo Gojek Tokopedia (GOTO) fell to a record low on Tuesday, extending a selloff triggered by the Indonesia Stock Exchange’s (IDX) removal of the Rp50 minimum trading price.

GOTO dropped 13.95% to Rp37 shortly after the market opened, hitting the exchange’s lower auto-rejection limit. A sell queue of about 840 million lots, worth roughly Rp3.1 trillion ($172.3 million), was waiting at Rp37 around 9:05 a.m. Jakarta time, while trading in the regular market remained thin.

The decline follows a 14% drop on Monday, the first trading day after the IDX lowered the minimum share price to Rp1 from Rp50. The change has allowed shares that had been pinned at the previous floor to fall further. 

GoTo’s shares are now almost 90% below their April 2022 initial public offering price of Rp338. The company’s stock had already faced pressure after MSCI removed GOTO from its Indonesia Investable Market Index, citing very low liquidity associated with the shares trading at the Rp50 minimum. The deletion took effect in September. 

The latest decline may partly reflect technical factors rather than a deterioration in GoTo’s underlying business, according to analysts cited by local brokerages. Kiwoom Sekuritas research head Liza Camelia Suryanata said GOTO’s technical pattern suggested potential support in the Rp36-Rp27 range.

MNC Sekuritas analyst Christian said the removal of the Rp50 floor could initially increase volatility but also remove a trading constraint that had complicated portfolio adjustments by passive funds following GOTO’s exclusion from global indexes.

The main question after the adjustment, he said, will be whether GoTo can sustain business growth and profitability once the technical selling pressure subsides.

GoTo reported positive earnings in the first half of 2026, with net profit of Rp607.5 billion, according to a company statement reported in August. 

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