Bukalapak Responds to Protests Over Plummeting Share Price
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11 August 2021 19:31 WIB
TEMPO.CO, Jakarta - PT Bukalapak.com Tbk (IDX: BUKA) has responded investors' protest over yesterday's share price plunge. On Tuesday's trade, August 10, BUKA fell 6.7 percent, inches away from its auto rejection limit of -7%, and closed the day at Rp1,035 per share.
According to the Indonesia Stock Exchange's (IDX) rule, the auto rejection lower limit for issuers' shares that have a price range of Rp200 to Rp5m000 is -7%. This means that the IDX will automatically halt trading for stocks that have fallen by seven per cent.
Investors were upset and took to the Bukalapak app's comment section on the Playstore page to express their disappointment, leaving one-star reviews. Some claimed they incurred massive losses from the stock price decline on Tuesday's trade.
The unicorn startup responded by saying that the stock movement was purely a market mechanism.
"The transaction of Bukalapak's shares on the stock exchange after listing is purely a market mechanism," Bukalapak's VP of corporate affairs Siti Sufintri Rahayu said in a written statement to Tempo, Wednesday, August 11.
Meanwhile, according to Samuel Sekuritas Indonesia's analysis on Tuesday, the price decline was due to investors' trend of selling BUKA. BUKA recorded the biggest foreign net sell in the regular market, with a transaction value of Rp141.6 billion.
Read also: IDX Denies Suspending Bukalapak Shares Under 25% Auto Rejection
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