JAKARTA (Yosefardi) – Shares of flag carrier Garuda Indonesia dropped to its historic low of Rp570 Monday (May 27) on broad market sentiment.
Trading volume was relatively thin with only 4.4 million shares exchanged hands, way below average trading volume in the past three months.
Garuda Indonesia has dropped substantially from as high as Rp780 in July 2012. Chairul Tanjung, second largest shareholder of the flag carrier, said he has no intention to sell down his shares in Garuda.
The current price is way below IPO price of Garuda back in 2011 at Rp750 per share.