The Indonesia Stock Exchange (IDX) has temporarily suspended trading of PT Multipolar Technology Tbk (MLPT), a technology company under the Lippo Group, on Friday (March 27).

In its official statement released on Thursday (March 26), the IDX explained that the suspension was imposed due to a significant cumulative decline in the company’s share price.

The trading halt applies to both the regular and cash markets.

“This measure is intended to provide sufficient time for market participants to carefully evaluate their investment decisions based on the available information regarding PT Multipolar Technology Tbk (MLPT) shares,” the IDX stated.

During Thursday’s trading session, MLPT shares dropped 7.07% to Rp14,450 per share. Over the past week, the stock has declined by 4.93%, and over the past month, it has plunged by 48.21%.

In addition, the IDX has removed PT Lima Dua Lima Tiga Tbk (LUCY) from the special monitoring board, where the consumer services company’s shares were previously traded under the Full Call Auction (FCA) mechanism.

However, at the opening of today’s trading session, LUCY shares were recorded to have declined by 0.37% to Rp1,345 per share as of 09:23 WIB.