Shares of Garuda Indonesia Falls 21.3 Pct to IDR590

JAKARTA, KOMPAS.com -Shares of PT Garuda Indonesia plunged 21.3% on their trading debut Friday, after a poor reception from investors for its initial public offering.

Analysts had said the flag carrier's IPO price of IDR750 a share was too expensive and nominated a price of around IDR500 each as more suitable. In the opening moments of trade on the Indonesian stock exchange Friday, Garuda shares fell to IDR590.

Pandu Djajanto, a deputy to the Minister of State Enterprises Affairs, Friday said 3.01 billion or 48% of Garuda's 6.33 billion IPO shares were absorbed by underwriters and selling agents.