GoTo drops as Indonesia cuts price floor

The Indonesia Stock Exchange implemented a major change to its trading rules on 28 September 2026 by removing the long-standing minimum share price of Rp50 and introducing a new lower bound of Rp1. The new framework took effect at the start of Monday’s trading session and was paired with changes to auto-rejection settings that govern how far prices can move within a single day.

The reform widens the corridor for price movements in lower-priced shares and is intended to improve liquidity and price discovery. By allowing trades below Rp50, the exchange opened room for market orders that had previously been blocked by the old floor, particularly in stocks that had been trading near that minimum level.

With the new rules in force, sell orders that had been trapped at the former Rp50 threshold were immediately freed, leading to notable price adjustments in affected stocks. Market breadth in early trading reflected this release of selling pressure, as a group of names that had been pinned at or near the previous floor moved lower to find new trading levels.

Regulators framed the change as part of efforts to revive trading activity and let prices adjust more flexibly to investor demand. At the same time, they acknowledged that the transition could create short-term volatility as deeply discounted shares recalibrate to the expanded pricing range.

PT GoTo Gojek Tokopedia Tbk, one of Indonesia’s most closely watched technology companies, was among the most visible movers after the rule change. In early Jakarta trading on 28 September 2026, GoTo’s share price fell about 14% to trade at Rp43, reaching the daily lower auto-rejection (ARB) limit shortly after the open.

The decline reflected the immediate impact of the broader adjustment in stocks previously constrained by the Rp50 floor. The hit of the ARB limit signaled that downward moves in GoTo shares had reached the exchange’s permitted intraday boundary under the revised auto-rejection parameters.

GoTo’s management attributed the sharp morning drop primarily to technical effects stemming from the Indonesia Stock Exchange’s pricing reform. The company characterized the movement as a response to the sudden release of pent-up selling orders related to the regulatory change rather than to new developments in its operations.

Management reiterated that GoTo remains focused on strengthening its business fundamentals despite the market volatility. This stance underscores the company’s emphasis on operational performance as investors reassess valuations under the exchange’s new pricing structure.

While the removal of the Rp50 floor aims to deepen liquidity and enhance price discovery, regulators and market participants recognize that the adjustment period can be turbulent. As formerly pinned shares move within a much wider price range, price swings may be more pronounced, particularly in lower-cap and heavily discounted names.

The experience of GoTo on the first day of the new regime highlights both the intended and unintended consequences of the policy shift. Prices are now better able to reflect supply and demand, but the process of reaching new equilibrium levels can involve abrupt moves that test investor risk tolerance in the short term.