Since the beginning of the year, Lippo Cikarang's share price has fallen 32%.

The Indonesian Composite Stock Price Index (IHSG) on the Indonesia Stock Exchange fell below the 6,000 level, driven by foreign investor exits and news of the halted Meikarta project, impacting the performance of Lippo Group's property stocks. By the end of last week (May 11th), PT Lippo Cikarang Tbk (LPCK) share price had decreased by 32.48% to Rp 2,210 per share from its year-end position of Rp 3,140 per share. The LPCK share price has also fallen by 55.74% from its price of Rp 4,790 per share, one day after its launch (August 18th, 2017).

Similarly, PT Lippo Karawaci Tbk (LPKR) shares have shrunk by 17.21% since the end of December 2017. Disappointing first-quarter 2018 financial performance and news of the potential divestment of Lippo Group's stake in the Meikarta project have also pressured the LPCK share price this year. Lippo Cikarang's revenue in the first quarter of this year fell by 28.55% to Rp 319.64 billion, compared to Rp 447.37 billion in the first quarter of last year. Similarly, its profit decreased by 56.3% to Rp 80.79 billion from Rp 184.87 billion.

Meikarta was launched on August 17th last year with a massive advertising campaign across all media, including print, online, and television. According to Nielsen Ads data, the Meikarta project spent Rp 1.5 trillion on advertising last year, making it the largest advertiser in 2017.