BACH Shares Plunge to Lower Circuit After Djarum Acquisition
Shares of PT Bach Multi Global Tbk (BACH) plunged to the Auto Rejection Bawah (ARB) floor in trading on Tuesday (4/8/2026), ending a strengthening streak that had lasted six consecutive trading days. The correction came shortly after the Djarum Group officially became the company’s controlling shareholder.
BACH shares closed down 14.78% at Rp865 per share. The stock opened higher at Rp1,030 and even touched an intraday high of Rp1,080 before reversing course and plunging to the ARB limit.
Transaction value in BACH shares today reached Rp204.46 billion, with a trading volume of 2.15 million lots and a transaction frequency of 25.56 thousand times. The average trading price stood at Rp951 per share.
Selling Pressure and Queues Remain High
Selling pressure on BACH shares remained very strong, with sell (offer) queues piling up to a total of 1.06 million lots with a frequency of 4,923 times.
The largest sell queues were at the ARB level of Rp865 with 203,134 lots, and at Rp900 with 732,069 lots.
Foreign investors also weighed on BACH’s movement today, recording a net sell of Rp15.42 billion, with foreign sales of Rp21.35 billion against foreign purchases of just Rp5.93 billion. Foreign transactions accounted for 6.67% of activity in the stock, whilst domestic investors dominated with 93.33%, equivalent to purchases of Rp198.53 billion and sales of Rp183.11 billion.
In terms of broker activity, XL (Stockbit Sekuritas Digital) was the most active broker on the buy side with Rp50.72 billion, whilst also being the largest seller at Rp18.42 billion. It was followed by AO (Erdikha Elit Sekuritas), which was also active on both sides, with sales reaching Rp7.58 billion.
The Stock Had Soared for Six Consecutive Days
Despite today’s plunge, BACH shares had previously recorded a spectacular rally over six consecutive trading days. On Monday (3/8/2026), BACH surged 15.34% to Rp1,015. Before that, the stock rose 15.03% to Rp880 on Friday (31/7), gained 15.04% to Rp765 on Thursday (30/7), climbed 12.71% to Rp665 on Wednesday (29/7), jumped 10.28% to Rp590 on Tuesday (28/7), and rose 1.90% to Rp535 on Monday (27/7).
This means that over six trading days from 27 July to 3 August 2026, BACH shares soared by around 93% from the Rp525 level. Even after today’s ARB correction, BACH remains up roughly 65% compared to its position on 24 July 2026.
The earlier rally in BACH shares was driven by the entry of the Djarum Group as the company’s new controlling shareholder. Through PT Global Telekomunikasi Prima (GTP), the Djarum Group officially took control of 51% of BACH’s shares following the effective transaction.
With this corporate action, BACH became part of the Djarum Group’s telecommunications infrastructure ecosystem, which already oversees a number of companies such as Protelindo, PT Sarana Menara Nusantara Tbk (TOWR), iForte, and SUPR. This synergy is seen as opening up opportunities for project development, customer base expansion, and growth in recurring revenue from construction services, telecommunications infrastructure maintenance, and the generator sales and rental business.
In terms of performance, BACH posted revenue of Rp1.73 trillion throughout 2025, up almost 40% from the previous year. The company’s net profit also nearly doubled to around Rp156 billion, with a Net Profit Margin (NPM) of 9% and Return on Equity (ROE) of 29%.