Prajogo Shares Plunge! Rp1,400 Trillion Wiped Out

Jakarta, CNBC Indonesia — Prajogo Pangestu’s group stocks were hammered on Thursday trading (21 May 2026), as negative sentiment followed the exit of several group issuers from the MSCI Global Investable Market Index (MSCI). As of 10:09 WIB, Chandra Asri Pacific (TPIA) was the most pressured, plunging 14.66% to 2,270. Next Barito Pacific (BRPT) slid 9.59% to 1,555, while Barito Renewables Energy (BREN) fell 9.32% to 2,530. Pressure also spread to other Prajogo Pangestu group shares. Petrosea (PTRO) weakened 8.75% to 3,650, Petrindo Jaya Kreasi (CUAN) down 5.08% to 560, and Chandra Daya Investasi (CDIA) down 5.06% to 750. Year-to-date, these shares have fallen by more than 50%, with some tumbling as much as 75%. A heavy selling wave occurred after the market responded to MSCI’s decision to remove several Prajogo group shares from its index. The sentiment raised concerns about potential outflows of foreign passive funds, given many global funds use the MSCI index as an investment benchmark. The sharp correction in Prajogo Pangestu’s stocks has also been a major contributor to the decline of the Jakarta Composite Index (IHSG) in today’s trade. Barito Renewables Energy’s (BREN) market capitalisation is now around Rp335.9 trillion, whereas at the end of 2025, BREN’s market capitalisation had touched around Rp1,298 trillion. In other words, almost Rp1,000 trillion of BREN’s market value has evaporated. Meanwhile, the market capitalisation of TPIA is around Rp196.4 trillion, BRPT Rp146.3 trillion, CDIA Rp94.25 trillion, CUAN Rp62.96 trillion, and PTRO about Rp37 trillion. Overall, the combined market capitalisation of the six Prajogo core group stocks stands at around Rp872 trillion, far below the peak that had been projected to exceed Rp2,300 trillion. Thus, Prajogo’s group market capitalisation is estimated to have shrunk by more than Rp1,400 trillion from its peak.