Marina Budiman, once celebrated as Indonesia’s richest woman, has seen her fortunes take a dramatic turn. Her net worth plunged by $3.6 billion (over ₹31,100 crore) in just three days as shares of her company, DCI Indonesia, crashed.
A Rollercoaster of Wealth
For three consecutive weeks, Budiman’s wealth had been surging by roughly $350 million per day, a stock rally that boosted her net worth to around $7.5 billion, according to the Bloomberg Billionaires Index. Along with controlling shareholders Otto Toto Sugiri and Han Arming Hanafia, and billionaire tycoon Anthoni Salim, who collectively hold 78% of DCI’s shares, the trio had seen their combined wealth swell by more than $17 billion.
The Downfall
However, the sudden crash in DCI Indonesia’s stock has slashed her wealth by nearly half. By Tuesday’s close, the stock had surrendered over 50% of the gains accumulated since the rally began in mid-February. Market experts point to the thin trading volume of the company’s shares as a key factor. Out of 2.4 billion shares outstanding, only 80,400 changed hands by midday Wednesday in Jakarta—drastically lower than trading figures at comparable companies.
Volatile Markets and High Valuations
Wild price swings have become increasingly common in Indonesia’s equity market, with some firms experiencing moves of 1,000% or more, seemingly detached from their underlying financials. At the time of the crash, DCI Indonesia’s market value stood at nearly $17 billion, a stark contrast to its revenue of $112 million and a profit of $49 million last year. The company now trades at an eye-popping 416 times earnings, the highest among its peers as tracked by Bloomberg.
Mohit Mirpuri, a fund manager at SGMC Capital in Singapore, noted, “DCI’s price swings are largely a function of its tight free float. With narrow bid-offer spreads, any significant trading position can move the stock dramatically.”
Market Turbulence
DCI was the worst performer on Indonesia’s benchmark stock index on Tuesday—a day marked by a steep index decline that led to a 30-minute trading suspension. Traders attributed the selloff to several factors, including concerns over President Prabowo Subianto’s populist policies, forced liquidations, and uncertainties surrounding the finance ministry’s leadership. “The selloff has been a bolt from the blue in many ways—the suddenness has caught the market by surprise,” said Nirgunan Tiruchelvam, an analyst at Aletheia Capital in Singapore.
Looking Ahead
Before this reversal, DCI Indonesia had benefited from investor optimism about the growing demand for data centers in Indonesia, a trend that could drive significant foreign investment. For instance, Oracle Corp. is reportedly in talks with the Indonesian government to establish a cloud services center.
As the market digests the shock, Budiman’s case serves as a stark reminder of the volatile nature of stock investments—especially in markets characterized by boom-and-bust cycles. The dramatic downturn in DCI’s stock not only highlights the risks inherent in such markets but also raises broader questions about valuation and trading practices in Indonesia’s equity landscape.
