Ride-hailing firm GoTo cut from MSCI indexes in review
This follows a warning in May that the stock would be deleted if it failed relevant liquidity requirements
MSCI removed ride-hailing and food delivery platform GoTo Group from its indexes after its share price plummeted, making the stock difficult to trade. The exclusion comes after the company failed liquidity requirements, a warning GoTo received in May. MSCI also removed animal feed and poultry firm Charoen Pokphand Indonesia. The changes took effect as of August 31 close.
GoTo's management acknowledged the decision, stating it was technical and not a reflection of the company's performance. Despite posting its second consecutive quarterly profit in July, investor enthusiasm remained low due to heavy losses and intense competition. GoTo shares have hovered at the minimum price for about three months. Analysts suggest a reverse stock split could save the company from further exclusions.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 2 other outlets
- Ride-hailing firm GoTo cut from MSCI indexes in review businesstimes.com.sg
- Gojek parent GoTo’s fall from grace deepens with removal from MSCI indexes straitstimes.com
