MSCI Inc. removed GoTo Group from its indexes after a plunge in the Indonesian tech company’s share price left the stock difficult to trade. The index compiler dropped the ride-hailing and food delivery platform in its quarterly review, according to a statement. It also cut animal feed and poultry firm PT Charoen Pokphand Indonesia. The changes are effective as of the close of Aug. 31.

The removal follows a sharp decline in GoTo’s market value, which made the stock less liquid and harder for index funds to manage. MSCI’s quarterly index reviews typically adjust membership based on market capitalization, liquidity, and other criteria. GoTo, once a high-flying tech IPO in Indonesia, has faced significant headwinds, including competition and macroeconomic pressures.

Analysts note that being dropped from MSCI indexes can reduce a stock’s visibility and trigger selling by passive funds that track the benchmarks. For GoTo, the exclusion adds to challenges as the company works to restore investor confidence. Meanwhile, Charoen Pokphand also saw its shares underperform, leading to its removal.

MSCI’s decision underscores the volatility in emerging-market tech stocks. The changes take effect after the market close on August 31, 2026.