Shares of GoTo fell 14% to hit their lower auto-rejection limit—aka Auto Rejection Bawah, or ARB—of Rp 43 on Monday (Sept 28) as the Indonesia Stock Exchange‘s new rule lowering the minimum price of listed stocks took effect.
Over the last three months, GoTo’s shares had been anchored at the bourse’s former floor price of Rp 50 apiece, which was lowered to Rp 1 apiece effective Sept. 28.
Under the new framework, stocks priced between Rp 11 and 200 apiece have a 15% lower auto-rejection limit, but the ARB was triggered when GoTo’s shares fell 14% itself, as the minimum price increment is Rp 1. Once a stock hits the ARB price, new sell orders at lower prices are automatically rejected by the trading system, but trading can continue at the ARB price (Rp 43 per share in GoTo’s case on Monday).
The sell-side queue for GoTo at Rp 43 was substantial. According to Stockbit data, more than 1.04 billion shares were queued at the offer price, equivalent to about Rp 4.47 trillion based on the report’s figures, while there were no visible bids at the displayed price levels. In total, around 1.12 billion lots were queued on the sell side.
In a statement on Monday, GoTo said the share-price movement was primarily technical and should not be interpreted as a reflection of its underlying business performance. “GoTo’s current share price does not reflect the fundamentals of the business, which continue to strengthen,” said Audrey Petriny, Head of Corporate Affairs.
She attributed the move to technical factors following the IDX’s removal of the Rp 50 price floor.
GoTo’s stock has been under pressure amid multiple headwinds, including FTSE and MSCI’s decisions to remove GoTo from their respective indexes. GoTo’s market cap currently stands at Rp 49.04 trillion, down 35% from around Rp 76 trillion at the beginning of the year.
GoTo reported net profit of Rp 252 billion in the second quarter of 2026, alongside net revenue of Rp 5.7 trillion and adjusted EBITDA of more than Rp 1 trillion, according to the company’s statement. The company has also maintained its full-year adjusted EBITDA guidance of Rp 3.2-3.4 trillion.
“We remain focused on strengthening business performance, which we believe will create long-term value for shareholders,” Petriny said.
The IDX’s new pricing regime is intended to give stocks that had been pinned at Rp 50 apiece more room for price discovery and trading activity. The exchange said the previous floor could prevent prices from adjusting further when selling pressure remained high and buying interest was limited.
Around 48 stocks were sitting at the Rp 50 floor, although 34 had been under long-term suspension, leaving 14 with active trading volume.
In another change, the IDX began reopening short selling gradually on Sept 15. Short selling allows investors to sell borrowed shares and later buy them back, typically at a lower price, to return the borrowed stock. The mechanism was suspended in March 2020 as the COVID-19 pandemic triggered a sharp market selloff.
Experts had told DealStreetAsia that reopening short selling is likely to be more limited because the initial rollout is being phased in and will cover a narrower group of stocks.
IDX has been implementing several reforms as the bourse has been in the spotlight since global index provider MSCI raised concerns early this year about the Indonesian market’s low free-float ratios, concentrated ownership and limited transparency. MSCI extended its review of Indonesia’s status as an emerging market until November, giving regulators more time to implement reforms.
