Shares of PT GoTo Gojek Tokopedia Tbk (GOTO) fell sharply at the opening of trading after President Prabowo Subianto approved a new rule limiting ride-hailing platform cuts to 8% (04/05).

The stock declined 7.41% to Rp50 per share, hitting the auto rejection lower limit (ARB) and reaching its lowest price since its 2022 initial public offering.

Trading remained active, with 15.73 million shares exchanged in 36.54 transactions.

The company recorded a market capitalization of Rp58.17 trillion, while total transaction value reached Rp1.7 trillion, making it the most actively traded stock on the exchange that day.

Government Policy Changes Revenue Distribution

The stock decline followed the signing of Presidential Regulation No. 27 of 2026 on the protection of online transportation workers.

The regulation includes rules on income distribution between ride-hailing platforms and drivers.

“I have signed Presidential Regulation No. 27 on the Protection of Online Transportation Workers. They must receive work accident insurance, BPJS Health, and health insurance,” said President Prabowo Subianto.

“Also, the income distribution from 80% for drivers is now increased to a minimum of 92% for drivers,” he added.

GoTo Reviews Impact of New Regulation

GoTo CEO Hans Patuwo said the company will comply with the new government regulation.

“At this time, we will conduct a review to understand the details, implications, and necessary adjustments in accordance with the regulation,” he said in an official statement (01/05).

He added that the company will continue coordinating with the government and stakeholders to ensure benefits for driver partners and customers.

Company Reports First Quarterly Net Profit

Earlier, GoTo reported its first quarterly net profit in the first quarter of 2026.

The company recorded a net profit of Rp171 billion for the January–March period, compared to a net loss of Rp367 billion in the same period last year.

GoTo also reported adjusted group EBITDA of Rp907 billion in the first quarter, and stated it remains on track to meet its full-year EBITDA target of Rp3.2 trillion to Rp3.4 trillion.

PHOTO: GOTO

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