Indonesia Stock Market Plunges: $84 Billion Lost, CEO Resigns Amid MSCI Warning

• Indonesia's stock market lost approximately $84 billion (7.64 lakh crore Indian rupees) in just two days.
• Iman Rachman, CEO of the Indonesian Stock Exchange (IDX), resigned taking responsibility for the market downturn.
• The turmoil followed a warning from MSCI about a potential downgrade of Indonesia from 'emerging market' to 'frontier market' category.
• MSCI raised concerns about trading transparency, shareholding structures, and potential coordinated trading in the Indonesian market.
• The Jakarta Composite Index fell 7.35% on Wednesday and an additional 1.06% on Thursday, though it saw a 1.18% recovery on Friday.

Why It Matters: Indonesia's stock market faced a massive crash and CEO resignation due to transparency concerns and an MSCI downgrade warning.