Last-Minute Index Ejection Sinks World’s Most Volatile Big Stock
- Shares plunge by daily limit of 20% after announcement
- Stock to be deleted from gauge starting Tuesday: FTSE
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PT Barito Renewables Energy tumbled by its daily limit after FTSE Russell said it would delete the Indonesian power giant from its indexes a day after the anticipated entry date.
The decision comes after the index compiler cited “high shareholder concentration” for the $78 billion geothermal power company, adding that four shareholders control 97% of total equity issued. Shares sank by 20%.