(Bloomberg) — PT Barito Renewables Energy shares plunged by the day-after-day limit for a second day after FTSE Russell said it could exclude the company from its indexes.

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The shares fell 20%, bringing losses since Thursday to almost 36%. The index compiler said the Indonesian power company might be deleted from its gauges a day after the anticipated entry date, citing “high shareholder concentration.”

Barito in a filing late Sunday said there was no significant changes to its shareholders’ stakes since its October 2023 listing. Indonesia’s second-biggest company by market value had published its shareholding information, including that of its 4 stakeholders, to the bourse during its initial public offering, it said. The 4 shareholders held around 96% stake as of Sept. 19, compared with 97% stated in the company’s IPO prospectus.

FTSE had planned in order so as to add the geothermal power producer to its Global All Cap Index series and associated gauges on Monday. The stock might be deleted starting Tuesday, in line with FTSE’s statement last week.

Barito surged greater than 1,400% since its IPO to a record high reached earlier this month. The shares went on a wild ride earlier this yr following its addition to a stock exchange watchlist for volatile and troubled corporations.

As much as 11.7% of its shares met the free float requirement as of Sept. 19, in line with the statement, citing day-after-day data from the Indonesia Central Securities Depository. “The company will proceed to look at compliance with the free float rules determined by the exchange,” Barito said.

(Corrects to clarify details of shareholding and free float in third and sixth paragraphs, respectively)

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