Bisnis.com, JAKARTA – As 2025 draws to a close, a significant number of stocks have failed to capture investor interest, consequently plummeting onto the dreaded list of top losers for the year. Data from Bloomberg, recorded as of December 23, 2025, reveals a stark reality: several prominent stocks have experienced a performance decline exceeding 50% since the beginning of the year.
Leading this unfortunate cohort is the stock of PT Cipta Selera Murni Tbk. (CSMI), which has suffered the most profound price drop. Its share price has been almost entirely obliterated throughout the January–December 2025 period. At the start of the trading year, CSMI shares were valued at Rp3,020 per share. However, the stock experienced a consistent and relentless correction, closing at a mere Rp246 per share in yesterday’s trading. This translates to a staggering 91.85% year-to-date (YtD) correction, making it one of the most significant underperformers.
The company, formerly the Indonesian license holder for Texas Chicken, saw its initial prominence wane as early as 2023. It was then that CSMI announced the termination of its partnership with Cajun Global LLC, the Texas Chicken licensor. The COVID-19 pandemic was cited as a primary factor for CSMI’s bleeding performance during that period. Despite these challenges, investors appeared to retain some hope in the issuer throughout 2024, with CSMI’s stock price managing to stay above Rp2,500 per share. However, as 2025 dawned, a wave of investors collectively abandoned the once-popular stock.
This mass exodus was largely driven by the severe deterioration of the company’s fundamental performance from January to September 2025. During this nine-month period, CSMI reported a meager revenue of Rp1.41 billion, a notable drop from Rp1.81 billion recorded in the same period of 2024. Coupled with persistent high operating costs, the company was forced to absorb a net loss of Rp1.23 billion for the entirety of 2025, resulting in a loss per share of Rp1.51.
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The performance of PT Danasupra Erapacific Tbk. (DEFI) shares tells a similarly grim story. The sluggishness in DEFI’s performance can be traced back to mid-2023 when the Financial Services Authority (OJK) revoked Kresna Life’s business license due to its failure to meet the regulator’s minimum solvency ratio requirements. At the time, PT Asuransi Jiwa Kresna, or Kresna Life, held a substantial 23.57% stake in DEFI. Other significant shareholders included PT Intan Sakti Wiratama with 20.92%, PT Jesivindo Juvatama at 14.93%, PT Quantum Clovera Investama Tbk. (KREN) holding 14.47%, and the public owning 26.11%.
Further complicating matters, the Indonesia Stock Exchange (IDX) had already suspended DEFI shares as early as January 6, 2022. Following this, DEFI’s stock price remained stagnant at Rp1,455 until early June 2025. On April 21, 2025, the IDX finally lifted the suspension. However, the relief was short-lived; the stock promptly plunged to its lowest point of Rp171 per share, marking an 84.47% YtD correction.
Cipta Selera Murni Tbk. – TradingView
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A starkly different, yet equally disappointing, fate befell PT Meratus Jasa Prima Tbk. (KARW). This maritime infrastructure provider had previously basked in glory, ranking among the top gainers in 2024 with an astronomical surge of 4,272% throughout the year. Its share price even peaked at Rp7,150 per share last year. This remarkable ascent was fueled by rumors of a backdoor listing within the company. However, a series of subsequent challenges ultimately diminished KARW’s appeal to investors.
Consequently, 2025 witnessed a relentless downward trend for KARW’s stock price, culminating in an 82.33% YtD correction, bringing its value down to Rp394 per share. Thus, a former darling of the market from the top gainers’ list in 2024 tragically found itself among the top losers just a year later.
The downward spiral wasn’t limited to the aforementioned companies. PT Satria Antaran Prima Tbk. (SAPX) endured an 80% correction throughout 2025, settling at Rp298 per share. Similarly, PT Humpuss Intermoda Transportasi Tbk. (HITS) saw its shares plummet 70.71% YtD to Rp116 per share.
Beyond these, other significant declines were observed across the market. PT Hillcon Tbk. (HILL) experienced a 68.88% correction, while PT Bank of India Indonesia Tbk. (BSWD) shares dropped by 68.59%. PT Jakarta International Hotels & Development Tbk. (JIHD) also faced a substantial 54.10% YtD correction.
Among those with considerable price adjustments was PT Jakarta Setiabudi Internasional Tbk. (JSPT), which recorded a 67.38% YtD correction. Strikingly, JSPT shares had touched an impressive high of Rp21,250 per share earlier in the year, only to trade at a mere Rp3,160 per share currently. PT Fortune Indonesia Tbk. (FORU) followed a similar dismal trajectory; after starting 2025 at Rp3,740 per share, its price now stands at just Rp1,540 per share, representing a 58.82% YtD correction.
The complete list of the top 10 stock losers for 2025 is detailed below:
| Code | Share Price (Rp) | Change (YtD) |
|---|---|---|
| CSMI | 246 | -91.85% |
| DEFI | 226 | -84.47% |
| KARW | 394 | -82.33% |
| SAPX | 298 | -80% |
| HITS | 116 | -70.71% |
| HILL | 150 | -68.88% |
| BSWD | 845 | -68.59% |
| JSPT | 3160 | -67.38% |
| FORU | 1540 | -58.82% |
| JIHD | 560 | -54.10% |
Summary
As 2025 concludes, a significant number of stocks have become top losers, with several experiencing performance declines exceeding 50% year-to-date (YtD) according to Bloomberg data as of December 23, 2025. PT Cipta Selera Murni Tbk. (CSMI) leads this list with a staggering 91.85% YtD correction, plummeting from Rp3,020 to Rp246 per share. This decline is largely attributed to the termination of its Texas Chicken partnership in 2023 and a severe deterioration in its fundamental performance during January-September 2025.
PT Danasupra Erapacific Tbk. (DEFI) also saw a significant 84.47% YtD correction following the Financial Services Authority (OJK) revocation of Kresna Life’s license and the lifting of DEFI’s share suspension. Meanwhile, PT Meratus Jasa Prima Tbk. (KARW), a top gainer in 2024, tragically became a top loser in 2025 with an 82.33% YtD correction due to diminishing investor appeal. Other companies like SAPX, HITS, HILL, BSWD, JSPT, FORU, and JIHD also recorded substantial declines, completing the list of the top 10 stock losers for 2025.
