Shares of GoTo, hurt by the expiry of a lockup on major shareholders’ stakes that freed them to reduce their holdings, continued their plunge after a brief jump on Tuesday snapped 16 straight sessions of losses.
GoTo shares dropped by as much as 7% on Wednesday — the daily limit — hitting 93 rupiah in Jakarta trading. The stock has declined more than 70% since its April debut, which has prompted the Indonesia stock exchange to put GoTo on its watchlist for any unusual trading activity.
Management held a meeting with investors on Thursday in which they said GoTo has enough funds to last until it reaches profitability and that it’s considering asset sales — comments that did little to halt the stock’s slide.
Shares of Alfamart, also known as Sumber Alfaria Trijaya Tbk PT, have more than doubled this year.
