(Bloomberg) -- PT Barito Renewables Energy shares plunged by the daily limit for a second day after FTSE Russell said it would exclude the company from its indexes.

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The shares fell 20% on Monday, bringing its two-day loss to nearly 36%. The index compiler said last week that the Indonesian power company will be deleted from its gauges on Tuesday after being added on Monday, citing “high shareholder concentration.”

FTSE’s unusual decision is the latest twist for the group, whose shares have been on a wild ride since it went public late last year. The gauge operator in June delayed adding the stock to its indexes after it was placed on the Indonesian exchange’s watchlist for volatile and troubled companies.

READ: World’s Most Volatile Big Stock Is Rocking Indonesia’s Market

Barito said in a filing late Sunday that it had published its shareholding information to the bourse during the initial public offering in 2023. Four shareholders held around 96% stake as of Sept. 19, compared with 97% stated in the company’s IPO prospectus, the company said.

“Neither Jupiter Tiger nor Prime Hill is an affiliated party of Barito Renewables Energy or its controlling shareholders,” the company’s corporate secretary Merly, who goes by one name, said in a separate statement.

As much as 11.7% of its shares met the free float requirement as of Sept. 19, according to the statement, citing daily data from the Indonesia Central Securities Depository. “The company will continue to monitor compliance with the free float rules determined by the exchange,” Barito said.

Barito was the biggest drag on Indonesia’s stock benchmark, which fell as much as 0.9% before rebounding.

Indonesia’s exposure to Barito and related companies “makes it hard for the broader index to stay insulated from a sharp decline like this,” said Mohit Mirpuri, a fund manager at Singapore-based SGMC Capital Pte.

--With assistance from Claire Jiao.

(Updates with table and company comment in fifth paragraph. A previous version was corrected to clarify details of shareholding and free float.)

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