Barito’s Plunge Extends to 36% on Ejection From FTSE Index (2)

PT Barito Renewables Energy shares plunged by the daily limit for a second day after FTSE Russell said it would exclude the company from its indexes.

The shares fell 20% on Monday, bringing its two-day loss to nearly 36%. The index compiler said last week that the Indonesian power company will be deleted from its gauges on Tuesday after being added on Monday, citing “high shareholder concentration.”

FTSE’s unusual decision is the latest twist for the group, whose shares have been on a wild ride since it went public late last year. The gauge operator in June delayed ...