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 has removed ride-hailing platform GoTo Group from its indexes following a sharp decline in its share price, rendering the stock difficult to trade. The decision, announced in a quarterly review, also affected animal feed and poultry firm Charoen Pokphand Indonesia. The changes take effect at the close of August 31. GoTo, once valued at over US$32 billion, has been struggling with heavy losses due to intense competition from rivals like Grab.
Despite recent restructuring efforts and a profit in July, investor enthusiasm has not been reignited. Its shares have been trading at the minimum price since early August. MSCI's move is seen as a technical one, not a reflection of the company's performance. The removals bring the total number of constituents in the MSCI Indonesia Index down from 18 to nine.
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- 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
