PT GoTo Gojek Tokopedia Tbk (GOTO) share prices plummeted after the 2022 Eid al-Fitr holiday.
On Tuesday (10/5/2022), GOTO opened trading at Rp254 per share. However, at the close of trading, the share price plunged 6.30% to Rp238 per share, with a trading volume of 201.33 million shares.
The tech company's shares hit the lower auto rejection (ARB), and its market capitalization shrank to Rp281.88 trillion.
On Monday (9/5/2022), GOTO's market capitalization still reached Rp300.83 trillion, ranking fifth among the largest capitalized stocks in Indonesia.
When it debuted on the Indonesia Stock Exchange (IDX) on April 11, 2022, GOTO shares were priced at Rp338 per share for a total of 40.6 billion shares.
Starting April 18, 2022, its shares began to show a downward trend, further declining since the issuer's greenshoe option was reported to be fully exercised on April 27, 2022.
GOTO's share price fell 6.4% in trading on Wednesday (27/4/2022) to Rp290 per share, and continued to weaken by 6.9% to Rp272 per share on Thursday (28/4/2022).