The Indonesian stock market is on a wild ride. The stocks plunged the most since 2011 as growth worries hit the roof. The chaos led to a trading halt for the first time since the pandemic. Economic concerns and softer consumer spending hit investor sentiment. But beyond the slowdown, the stock rout has hit the richest women in the country.

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Marina Budiman, President Commissioner of DCI Indonesia, saw her fortunes soar to an impressive $7.5 billion by mid-March. Over the span of three weeks, she became $350 million richer each day as her company's shares repeatedly hit the daily limit. However, this rapid rise was short-lived. In just 3 days, DCI's stock crashed, wiping out half of their combined fortunes.

Indonesia's stock rout

DCI Indonesia's market value stood at $17 billion. This comes despite reporting just $112 million in annual revenue and a $49 million profit. The company's stock trades at an astonishing 416 times earnings -- far higher than industry peers. A contributing factor to the volatility is DCI's tight share float. Major stakeholders like Budiman, Sugiri, and Hanafia hold 78 per cent of the company's shares. 

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DCI's price collapse came after a period of optimism, driven by expectations of rising demand for data centres and foreign investment. As companies like Oracle explore cloud service ventures in Indonesia, DCI's future remains uncertain as investors weigh the risks of its volatility, high valuation, and limited share liquidity.