MNC Stocks Below Rp50: Three Shares Face Steep Falls
Six of nine companies linked to Indonesia’s MNC Group traded below Rp50 a week after the exchange introduced a Rp1 minimum share price. KPIG, Bank MNC and MNC Kapital Indonesia recorded sharp declines, while three other group stocks remained above Rp50 despite losses. The figures highlight how the rule change widened the trading range for low-priced shares, though available data does not detail all six companies now below the former floor.
KPIG had fallen 72.61% since the start of the year by the first week of Indonesia’s new minimum-share-price rule. The drop is part of a broader shift: six of nine companies linked to MNC Group were trading below Rp50, the former floor for shares in the regular market.
The Indonesia Stock Exchange (IDX) began applying the new rule on September 28, 2026, allowing shares to trade as low as Rp1. The change gives low-priced stocks more room to move, including further declines below Rp50. For international investors tracking Indonesian equities, the early figures show how the rule has exposed steep losses among several MNC-linked issuers.
KPIG, BABP and BCAP see steep declines
MNC Tourism’s KPIG fell Rp7, or 14%, to Rp43 from Rp50 over the week covered by the report. Its year-to-date decline stood at 72.61%, a fall of Rp114 from Rp157 on January 2, 2026. The company’s market capitalization was Rp4.61 trillion, about $283 million at the supplied exchange rate.
Bank MNC’s BABP dropped 22 points, or 44%, to Rp28 from Rp50. Since January 2, it was down 51.72%, or Rp30, from Rp58. Its market capitalization was Rp1.23 trillion, about $75 million.
MNC Kapital Indonesia, traded as BCAP, lost Rp21, or 42%, to Rp29 from Rp50. Its year-to-date decline was 50%, or Rp29, from Rp58 on January 2, 2026.
The figures put pressure on investors holding these shares, while the lower price floor means their market prices can continue to adjust below the old limit. The report does not provide performance details for all six MNC companies now trading under Rp50, so the three named stocks are the ones for which specific declines were supplied.
Several stocks were already near the old floor
The group’s low share prices predated the rule change. At the September 25 close, BHIT traded at Rp21 and IPTV at Rp24. BABP, BCAP and KPIG each closed at Rp50. That placed five stocks associated with businessman Hary Tanoesoedibjo’s business group between Rp21 and Rp50 before the new minimum took effect.
Before the rule, two MNC-linked shares were reported below the Rp50 floor. A week after implementation, six of the nine companies cited were below that level. The other three remained above Rp50, though they had also declined.
The source also referred to differing fortunes among issuers associated with Jusuf Hamka, but did not identify the stocks or provide figures for their price movements. For MNC’s KPIG, the reported year-to-date loss was 72.61%.
