JAKARTA — Shares in Indonesia’s flagship carrier Garuda Indonesia plunged on Friday, following the country’s decision to suspend all domestic passenger flights from Saturday.
The decision by the government, meant to curb people’s movements during the holy month of Ramadan, will undoubtedly hurt the carrier’s finances. The government has so far been slow to support the airline industry, leaving Garuda in a precarious position as it faces a mountain of debt this year.
Garuda’s shares dropped as much as 6.7% on the day to 167 rupiah per share, its lowest level in nearly a month. The latest drop equates to